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Friday, March 5, 2021

Privacy-Focused Firo Cryptocurrency Suffers From 51% Attack

The anonymous cryptocurrency Firo was previously referred to as Zcoin. Recently Firo has been under 51% attack. This is the most recent ‘proof of work’ coin that has been suffering the 51% attack.

Firo had made a public tweet on 20th January, Wednesday. Through this tweet, they revealed that the protocol has been under the 51% attack.

Firo Trading Temporarily Suspended

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Through their Wednesday tweet, Firo has made it known that their coin has been suffering a 51% attack. As a result, they have advised all their holders to halt their transactions till the time their network returns to a normal state.

The attack is known to be noticed while the users reported that their earlier confirmed transactions had suddenly turned into unconfirmed. Apparently, this was due to the reason that a blockchain reorganization attack was initiated by this particular attacker.

According to Changspeng Zhao, CEO of Binance, the reorg of the blockchain resulted in a rollback of almost 306 blocks. The team had then shared further details of the attack. The details revealed that the confirmed transactions of the last day were orphaned by the attack.

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Firo also informed that the 51% attack was not because of any coding error. Yap has stated that they often evaluate to see the form of hash rate easily available to MTP. The attack was possible owing to the reason that the program was not yet deployed by the Chainlocks to the test net. This is the secondary validation layer that will supposedly mitigate the 51% attack.

‘Proof of work’ blockchains that have important lower hash rates have been victims of the 51% attack on various occasions. This is a matter of massive concern.

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