The privacy-centric blockchain network, Verge faces a major blockchain reorganization that has wiped out all data related to transactions and user balances as far back as July 2020. However, several claims that this issue is temporary and can be fixed.
In a recent Twitter post, it was noted that this was a 560k+ blocks reorganization. This reorg that has hit the network, has been called the “deepest” reorganization to take place ever in a top 100 cryptocurrency. The post also exclaims that approximately 200 days’ worth of $XVG (Verge) transaction history “just vanished”.
Several analysts are currently trying to go deeper into the reason behind such an incident. Although it seems likely, analysts are yet to confirm that this Verge incident was a coordinated attack.
Verge Investors Left With Empty Wallets After Reorganization Attack
Antoine Le Calvez, the chief operating officer of Coinmetrics, was among the first few people to notice the reorganization. He further suggested that the issue could have happened because of a double-spend. This means that the same number of Verge coins have been used for two distinct transactions simultaneously.
These actions generally do not give rise to such problems but the magnitude of double-spending might have led to such a transaction history loss. He added that solving this problem might take developers some time. This is because developers will take a lot of time to sort out the double-spent transactions and find their exact source.
Following the reorganization, Verge users noted that they have lost their transaction list or balance with the network post-July 2020. Another tweet from researcher ‘Hasu’ from Deribit Insights mentioned that, “thousands of balances have simply evaporated” after the reorganization. Many people are also left with zero balance and empty wallets after the attack on Verge.
