Originally published at: https://toshitimes.com/verge-altcoin-hacked-in-51-attack/
The privacy-centered Verge Currency (XVG) altcoin has somewhat abruptly initiated a hard fork. This move comes following a so-called ”51% attack” on the currency, made possible by a bug in the coin’s code which allowed attackers to spoof timestamps. The Verge team subsequently tried to calm the public and investors by reaffirming that the problem…
What a mess. I wonder if there will be regulation one day requiring all coins to go through a standard security audit or laws that blame the devs and hold them financially responsible so that they need crypto developer malpractice insurance or even crypto insurance for the victim that can be bought in case you lose value or your coins from attacks like these. This insurance would be funded by the crypto makers or another way to fund this insurance would be to burn a small amount of all coins with every transaction that are covered by insurance companies and those burned coins go to a vault and then when a hack occurs the insurance company takes a little of every good coin not affected by the hack and sells them to pay out the policy.
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