Firo Cryptocurrency-Centric Firo Suffers 51% of Attack on its Network – Altcoins Bitcoin News

The proof-of-work (PoW) cryptocurrency Firo announced that its protocol came under 51% attack, informing its holders to stop transactions. Formerly known as Zcoin, the privacy coin was the subject of a blockchain reorganization attack.

Team Firo explained that Attack cannot be set to ‘Coding Error’

According to a series of tweets publishing by Firo, the attacker broke the protocol on Jan. 19, and they are working to restore operations. However, the Firo team explained that the 51% mining attack is not the result of a “coding error but [the] the nature of PoW. ”

One of the first reports of the attack came from Binance CEO Changpeng Zhao, a He said:

51% XZC (FIRO) attack, roll back 306 blocks, to 2021-01-18 17:24:20 (UTC). Another messy situation.

At the time of making the attack public, Firo was has posted a tweet that said:

We are currently working with exchanges and pools. Chains that would have prevented this were being tested on testnet and were weeks away from using them.

The Firo team Telegram group has been posting some updates about the event. Some of the posts revealed that the attacker was “orphaned” having confirmed transactions from January 18.

As a preventative measure to deal with the incident, Firo released a hotfix wallet on January 21, asking people to upgrade their wallets and masters. As of press time, the team said the attack was over.

According to markets.Bitcoin.com data, Zcoin (XZC) is quoting at $ 4.2568, down -16.51% on January 21. However, it remains positive on a year-over-year basis.

Recent Events Related to Test-of-Work Cryptos

The most recent attack on proof-of-work cryptocurrency dates back to November 2020. Grin, another privacy piece that suffering a 51% attack on its blockchain network. The Grin team built its ticket on the Mimblewimble protocol.

On February 17, 2020, Zcoin (now Firo) reported that a typo had let an attacker exchange profits of approximately $ 400,000 at that time. They explained how the incident happened:

A typographical error on one additional character in code allowed an attacker to create Zerocoin spending transactions without a corresponding mint.

What do you think of Zcoin’s 51% mining attack? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, nor a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.

Source