Verge, Privacy Coin Service, is Reportedly not as Safe as it Seems

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A new website claims it can show the IP addresses of all transactions related to XVG.

Privacy coins are meant for anonymity, that’s why people use them and that’s their advantage. Without privacy, they will be nothing more than altcoins. One of the best-known privacy coins on the market is Verge, but its reputation might be tainted after the latest allegations. A new website has claimed that they can list the IP addresses of several verge transactions, thereby revealing people’s anonymity.

Verge, also known as XVG, has seen its value rise over the past few months. The reasons for the unexpected rise are many, one including that the company is heavily supported, by John McAfee. Other reasons for the rise also include the price of XVG being low and also the combination of privacy coins being en vogue. However, the privacy part associated with the coins, might be under assessment again.

Reports showed that verge might not be as private as many people believe it to be. In one article, news.Bitcoin.com advised consumers that verge might not be as good as their competitors. This was written before a website has been discovered which purportedly lists all the transactions which take place on verge. At the time of print, the owner of the website involved is unknown yet.

The website currently enlists all the transactions that happened on the Verge Core Wallet. The website also indicated that it would add the Electrum XVG wallet in due time. The website also has an option for people to see any transactions which went through a rich list address. Verge is mostly known for having “whales” for customers who notoriously have a large number of coins in their possession. One of the so-called whales spent a weekend with John McAfee before a fallout, which is believed to have been as a result of McAfee wanting money to support the coin.

The claims against XVG are hard to verify, but it shows that users should be cautious when using the so-called privacy coins. The cryptocurrency developers wrote on their website that Verge used various anonymous centric networks, therefore the users’ transactions were completely untraceable. The developers also posted a video to their Twitter account in which they ascertained that Verge was the only untraceable currency in use today.

Verge has not outrightly denied the site’s claims that their privacy is not as good as advertised. However, they have addressed the reports by noting that they had not found any corresponding IP addresses on the website, and they don’t think they will. However, researchers believe that even if only a handful of the IP addresses were correct, it would shine a bright light on the privacy of the XVG.

XVG is forward thinking as it lists branded apparel and RSK smart contracts on their to-do list. But with the way things are going, they might have to come back to the drawing table and formulate a new business plan.