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NTLMv2 utilizes the MD5 hashing algorithm for password hashing. MD5 is a widely used cryptographic hash function that produces a 128-bit hash value, typically rendered as a 32-character hexadecimal number. In the context of NTLMv2, it securely hashes the password before it is stored or transmitted, providing a level of protection against certain types of attacks, including rainbow table attacks.

While other algorithms are important in the broader context of security, they serve different functions. RC4 is a stream cipher used for encryption, which does not relate to password hashing directly. SHA-1, another hashing algorithm, is also used in various applications but is not the one employed by NTLMv2 for password hashing. Triple DES is an encryption algorithm rather than a hashing algorithm. Understanding these distinctions is crucial for recognizing how password security mechanisms like NTLMv2 operate and the importance of the hashing method chosen.