Hackers exploit Verge blockchain vulnerabilities to steal over $1.7M — again

Anonymous cryptocurrency Verge can’t seem to catch a break. It appears that hackers have again exploited the vulnerabilities in Verge’s blockchain to steal XVGs.

In an attack that lasted a few hours, approximately 35 million XVGs seem to have been stolen — worth above $1.7 million as per the latest Coinmarketcap price .

Verge suffered a similar attack last month resulting in the theft of 250,000 XVG.

As per ocminer — the Bitcointalkrg user who had pointed out the attack last time as well — it is the same glitch that has been exploited again by the attackers.

The attackers were able to mine multiple blocks one second apart using the same (scrypt) algorithm.

ocminer shared the following screenshot highlighting the vulnerability:

In the aftermath of the last attack, Reddit user R_Sholes had pointed out that the vulnerability was not removed even after Verge hard-forked in response to the hack.

Verge has so far chosen to downplay the hack as a denial-of-service (DDos) attack on some XVG mining pools.

The privacy-oriented cryptocurrency has always had tough luck with security. The company’s twitter account was hacked in March earlier this year. Prior to that, reports suggested that Verge might be suffering from a vulnerability that exposes its users’ IP addresses, though the claims were never properly confirmed.

The loopholes in security, however, have not deterred Verge from talking business. The company announced a partnership with Pornhub last month, after bizarrely asking users for $3 million to reveal the potential partnership.

We have reached out to Verge for a comment. If they respond, we will update the story accordingly.

[H/T : Reddit user Flenst ]

South Korean bank wants to use blockchain to reduce human error

South Korea‘s second largest bank is in the middle of rolling out a blockchain-based system designed to reduce human error.

Shinhan Bank is using the blockchain for Interest Rate Swap (IRS) transactions. The bank purportedly implemented this system at the end of November, local news reports .

Interest Rate Swaps can get quite complicated, but fundamentally they are a type of futures contract based on swapping an interest rate between a number of parties. Two or more parties can enter into a swap contract and agree to pay each other based on the increase (or decrease) of interest rates. It allows the involved parties to hedge risk and manage debt.

“Prior to the blockchain-based process, there had been no standardized rules governing keeping and managing financial records, a reason why market participants had to rely on their own records which often times led to errors despite the cross-checking process requirement,” a Shinhan spokesperson said.

The new system at Shinhan Bank aims to streamline the IRS trade process by reducing the need for cross-checking and verification. Though the bank remains cautious with the platform’s rollout.

The bank plans to deploy the system once it has been deemed stable enough, according to bank officials.

Of course though, the system isn’t entirely autonomous and still relies on humans to input the data, so human error isn’t being entirely eradicated. As with any new system, there will be a learning curve to adjust to. Just how much it will reduce human error remains to be seen.

Diversifying blockchain: Women get 85% discount on Hard Fork Decentralized tickets

The blockchain industry has become more aware of its lack of diversity, and we’re beginning to move in the right direction to tackle the issue. At Hard Fork Decentralized, our blockchain and cryptocurrency event, we want to help by making sure that all voices are equally heard.

That’s why we’re offering an 85-percent discount on tickets for women interested in blockchain.

Our aim is to bring more women to both the event and the industry, start a real conversation, and make everyone feel welcome. In short: we want to do something about gender inequality in blockchain.

The three-day event will take place in London, UK from December 12 to 14. Leading companies will open their doors to you and host expert keynotes, roundtable sessions, and networking events. It’s the perfect opportunity to get your perspective across and make new connections.

We’ll also be hosting our own event called The Exchange. The Exchange is the hub where deals get done. In this exclusive space, decision makers come together to build new relationships, conduct private meetings, join discussions, and interact with leadership teams from blockchain and cryptocurrency companies.

You can get your discounted ticket on our event website . We’re really looking forward to bringing your voice to Hard Fork Decentralized!