Home Coins Bitcoin (BTC) Privacy-Centric Cryptocurrency Firo Suffers 51% Attack on Its Network – Altcoins Bitcoin...

Privacy-Centric Cryptocurrency Firo Suffers 51% Attack on Its Network – Altcoins Bitcoin News

- Advertisement - IQ Option CPA

AliExpress WW

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

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

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

One of the first reports about the attack came from the Binance CEO, Changpeng Zhao, 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’s Telegram group has been posting some updates about the incident. Some of the posts revealed that the attacker “orphaned” confirmed transactions from January 18.

As a preventive measure to deal with the incident, Firo released a hotfix wallet on January 21, asking people to upgrade their wallets and masternodes. As of press time, the team said the attack has stopped.

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 yearly basis.

Recent Incidents Related to Proof-of-Work Cryptos

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

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

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

What do you think about 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, or 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 of or reliance on any content, goods or services mentioned in this article.



AliExpress WW

Source link

- Advertisement - IQ Option CPA
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
469FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,558FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.21
GBP
1.40
CHF
1.09
NOK
0.12
JPY
0.01
CAD
0.79
AUD
0.78

Most Popular

bitcoin
Bitcoin (BTC) $ 50,830.00
ethereum
Ethereum (ETH) $ 1,592.83
tether
Tether (USDT) $ 0.999558
bitcoin-cash
Bitcoin Cash (BCH) $ 531.04
litecoin
Litecoin (LTC) $ 188.81
eos
EOS (EOS) $ 3.85
okb
OKB (OKB) $ 17.46
tezos
Tezos (XTZ) $ 3.84
leo-token
LEO Token (LEO) $ 2.01
cardano
Cardano (ADA) $ 1.22
monero
Monero (XMR) $ 217.64
stellar
Stellar (XLM) $ 0.423010
chainlink
Chainlink (LINK) $ 30.12
huobi-token
Huobi Token (HT) $ 14.96
tron
TRON (TRX) $ 0.048095
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 224.26
neo
NEO (NEO) $ 39.86
iota
IOTA (MIOTA) $ 1.20
nem
NEM (XEM) $ 0.832618
zcash
Zcash (ZEC) $ 126.45
maker
Maker (MKR) $ 2,262.83
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 11.22
vechain
VeChain (VET) $ 0.046582
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 31.64
kucoin-shares
KuCoin Token (KCS) $ 4.67
waves
Waves (WAVES) $ 9.72