The proof-of-work (PoW) cryptocurrency Firo announced 51% Attack on Its Network

Proof-of-work (PoW) cryptocurrency Firo reported that its protocol had been assaulted by 51 percent, notifying its holders to interrupt transactions. Formerly known as Zcoin, the privacy coin was allegedly subject to a blockchain reorganization assault.

Firo Team Clarified the Attack Cannot Be Attributed to a ‘Coding Error’

According to a series of tweets released by Firo, the attacker broke the protocol on 19 January and is trying to restore operations. The Firo team has, however, explained that the 51 percent mining attack is not the result of “coding error but of [the] nature of the PoW.”

One of the first mentions of the attack came from Changpeng Zhao, CEO of Binance, who said:

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

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

We are working with exchanges and pools currently. Chainlocks that would have prevented this were being tested on testnet and was weeks away from deployment.

The Firo Team Telegram Group has posted some updates on the incident. Any of the posts disclosed that the “orphaned” intruder had verified transactions on January 18.

As a proactive measure to deal with this incident, Firo launched a hotfix wallet on January 21, requesting users to update their wallets and master nodes. As of press time, the squad said the assault had stopped.

According to info, Zcoin (XZC) is quoted at $4.2568, down-16.51 per cent on January 21. However, it remains optimistic on an annual basis.

Recent Incidents Related to Proof-of-Work Cryptos

The most recent cryptocurrency proof-of-work attack dates back to November 2020. Grin, another privacy coin that has suffered a 51 percent assault on the blockchain network. The Grin team has developed its token on the Mimblewimble protocol.

On February 17, 2020, Zcoin (now Firo) announced that a mistake had helped an intruder to make a profit of around $400,000 at that time. They explained how the incident had happened:

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

Leave a Reply

Your email address will not be published. Required fields are marked *