It seems the Verge drama is far from over. Although gloating at unfortunate cryptocurrency users should never be an option, the Verge community has run into a fair amount of problems recently. The latest “hack” affecting this cryptocurrency has left a lot of people unable to access their funds.
Verge’s Woes Continue
Over the past week, a lot of things happened to Verge in quick succession. The positive news is that this currency reached its crowdfunding goal in order to announce a partnership which is still shrouded in mystery. More information on that front should be announced shortly, although a lot of people are still concerned about what this partnership will be all about.
The more worrisome news is that someone seemingly attacked the Verge network. Whether or not this was intentional or due to a bug in the project’s code is difficult to know. Either way, all of the wallets designed for this particular cryptocurrency will need to undergo an overhaul to accommodate the new “settings”.
Unfortunately, this is where the big problem lies, as Verge’s developers are still progressing in this regard. While a Mac wallet is available, it seems things are not going according to plan when it comes to Windows. Considering that over 95% of cryptocurrency users rely on Windows, it is only normal that people expect this wallet to be made public sooner rather than later. For some reason, Verge’s developers have made little to no progress in this regard.
With users being unable to access their funds, a big problem has arisen. A fair few Verge holders cannot access their existing balances with the old wallet, given the issue that affected the network in the past week. Synchronizing with the network is virtually impossible, let alone spending one’s wallet balance. This is not the way things should be going for a cryptocurrency which wants to be the top privacy-oriented coin in the future.
This situation has a lot of people concerned, for obvious reasons. Whether or not the developers can address this problem in a timely manner is unclear. It does appear the Verge price hasn’t been affected by these developments, although that may be because so many people can’t even move their funds right now. Exchanges are likely waiting for the updated wallet as well, as it seems highly unlikely they will have much use for the Mac version.
Issues like these are not entirely uncommon in the world of cryptocurrency. In most cases, we see wallet issues arise when so-called “shitcoins” are involved. Now that Verge has similar problems to contend with, it is evident a lot of enthusiasts will gladly put XVG into that category. We can only hope the developers address these problems quickly, as this is an unacceptable situation.