Mintpal Security Breached; Hackers Get Away With Vericoins

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ForexMinute.com – One of the largest and leading cryptocurrency exchanges Mintpal alerted their customers recently that their platform was successfully attacked. The notice also stressed on the fact that only Vericoin became the target of the hackers, while other coins were not even touched. Vericoin is a recently released, PoS verified and PoW distributed cryptocurrency.

The given information also hinted theft of a substantial number of Vericoin; some even suggesting that the current holder of the stolen coins could also hold the maximum chunk of the Vericoin network, hinting a possible 51% attack. However, Mintpal representatives have assured the users about a hardfork they are planning in agreement with the VRC developers and all major exchanges. This act could prove a catalyst in recovering the lost coins, and facilitate all withdrawals as well.

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On the other hand, the exasperated customers are questioning Mintpal’s response to this whole issue, saying they should take responsibility of the attack and pay back the coin holders. “Rolling back a coin for any reason contradicts the “irreversible transactions” of the blockchain and may encourage government or other entity’s to attempt the same,” one of them quotes.

There has been no response given to this query from Mintpal or VC developers.

Meanwhile, Vericoin price charts have shown no major drops after the event. It proves that the hacker indeed is holding the maximum portion of Vericoin market. As per our theory, the attacker is in a perfect position to double spend the coin and eventually destroy it.

Thus, a hardfork turns out to be the only solution, like it or not, in order to save the Vericoin network from the root. It although goes against the idea of cryptocurrencies and damages the faith miners have in the integrity of a blockchain, but indeed the community is also responsible for keeping such a large chunk of Vericoins in an online wallet. The legitimate trades are sure to suffer, that could soon instil negativity inside the Vericoin market.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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