Verge has had a whirlwind couple of weeks, and not in a good way.
Here's a rough timeline of the significant events:
22nd March - Verge announces a new Crowdfunding campaign
Verge announces a 75m XVG crowdfunding initiative in order to release the name of their new partner which they say will be the "largest cryptocurrency collaboration to hit the market". That is a very bold claim. In the same statement the team says if the crowdfund is successful, they will reveal the partner on Monday 26th March.
26th March - Crowdfund is completed successfully
27th March - Verge provide an update
The Verge team put out a video advising that now the partner will be revealed on April 16th (this is now been postponed to April 17th). The date coincides with the end of the US tax season, what a coincidence right?
29th March - Lead developer complains about Coinbase withdrawal issues
Justin Sunerok complains on reddit that he cannot withdraw funds to pay US taxes due to Coinbase withdrawal issues.
April 4th - Verge suffers a 51% mining hack
Verge is hacked and it is claimed has lost anywhere between $1m and $3m worth of XVG coins.
April 5th - Verge implements a fix, botches it and accidentally hard forks the currency
So that brings us roughly up to speed, currently the situation is a total mess. Most exchanges have limited XVG withdrawals at this time due to the hack.
I really do not want to see Verge fail or exit scam (personally, I do not own any XVG) but I am tired of seeing people lose money/get taken advantage of in this unregulated market. What worries me too is the crypto "tribal mentalities" that are so prevalent across various communities. Many people are being banned from the Verge subreddits for bringing up legitimate concerns about the way the team has handled their affairs this month.
At this point, there are more than enough warning signs to warrant additional challenge of the team's actions.
Do you own Verge? Can the team bounce back from this? Either way, let me know in the comments below.