Privacy-Centric Cryptocurrency Firo Suffers fifty one Attack on...

Jan 23, 2021 10:17 UTC

| Updated:

Jan 23, 2021 at 10:17 UTC

By Clark

The proof-of-work (PoW) cryptocurrency Firo declared that its protocol came underneath a fifty one attack, notifying its holders to prevent transactions. once referred to as Zcoin, the privacy coin was reportedly subject of a blockchain reorganization attack.

Firo Team processed the Attack can’t be Attributed to a ‘Coding Error’

According to a series of tweets revealed by Firo, the offender broken the protocol on Lee’s Birthday, and that they square measure operating to revive operations. However, the Firo team processed that the fifty one mining attack isn’t the results of “a cryptography error however [the] nature of POW.”

One of the primary reports concerning the attack came from the Binance business executive, Changpeng Zhao, who said:

XZC (FIRO) fifty one attack, 306 blocks rolled back, to 2021-01-18 17:24:20(UTC). Another untidy scenario.

At the time of creating the attack public, Firo announce a tweet that said:

We square measure operating with exchanges and pools presently. Chainlocks that will have prevented this were being tested on testnet and was weeks aloof from preparation.

The Firo team’s wire cluster has been posting some updates concerning the incident. a number of the posts disclosed that the offender “orphaned” confirmed transactions from January eighteen.

As a precautions to affect the incident, Firo free a hotfix notecase on January twenty one, asking folks to upgrade their wallets and masternodes. As of press time, the team aforementioned the attack has stopped.

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

Recent Incidents associated with Proof-of-Work Cryptos

The most recent attack on a proof-of-work cryptocurrency dates back to Nov 2020. Grin, another privacy coin that suffered a fifty one attack on its blockchain network. The Grin team designed its token on the Mimblewimble protocol.

On February seventeen, 2020, Zcoin (now Firo) reportable that a error had let Associate in Nursing offender money a profit of around $400,000 at that point. They explained however the incident happen said:

A literal error on one further character in code allowed Associate in Nursing offender to form Zerocoin pay transactions while not a corresponding mint.

Clark

Head of the technology.