This article was first published on vergecurrency - Medium
So what exactly went down?
Some person or persons, shadow mined Verge creating a longer sidechain, hoping to take over the existing one. They did this by getting some hash power to nodes hosting the fake chain.
At this time, the community began to worry and safeguards were activated resulting in disabled services(exchanges, 3rd party wallets, etc). Thanks to CC and Maxius, who sounded the alarm.
After a boost of hash power to nodes hosting the malicious chain was turned on, regular nodes started accepting the ‘new malicious chain’ as the correct order of things. A re-org was attempted, but ultimately stopped due to miners halting their service.
At this point, even miners started asking us, what we were going to do about it, and so we worked with one particularly helpful miner to push out an updated QT wallet, which would ignore the fake chain, and return to the pre-attack chain.
After we tweeted this out, we started asking our community to download an updated QT wallet with a hardcoded checkpoint.
Meanwhile, within our community, we channeled users to turn on QT wallets with the correct chain info, and actively ban the nodes from the wrong chain, to prevent it from propagating to nodes that weren’t upgraded.
Many thanks to the community members like Swen, the people from dutch-mining, Brockmeister, Desolator, Manuel and the rest of the community for spending most of the last 2 days awake. Helping to coordinate a counter-takeover.
Your funds are safe, and we are working on a permanent fix to prevent this from occurring again.
Meanwhile, you can go look at the coin explorer to see that everything is where it belongs. https://verge-blockchain.info/
The more technical explanation of what happened is found here....
To keep reading, please go to the original article at:
vergecurrency - Medium