FIRO Privacy Coin Suffers 51% Attack
Privacy-focused cryptocurrency Firo (previously ZCoin) has come under a 51% attack. During the attack, a single miner acquired the majority hash power and reorganized the network blocks.
Firo Attacker Reorganized Blocks
Changpeng “CZ” Zhao, the CEO of cryptocurrency exchange Binance, reported that the attacker successfully rolled back 306 blocks to prevent transactions on the blockchain.
Most Proof-of-Work (PoW) blockchains, especially small and mid-sized projects like Firo, are vulnerable to 51% attacks.
In the recent past, similar attacks took place against other PoW blockchains, including Ethereum Classic, Grin and, BCHA.
The Firo team is currently assessing the damage in talks with exchanges and will report back soon. Meanwhile, the team advised against making any transactions until the network stabilizes.
According to the team, it plans to implement ChainLocks, a blockchain security protocol developed by the Dash project, to prevent future 51% attacks.
The attack has caused a substantial drop in the FIRO token price, tumbling from ~$5.50 soon after the attack to $4.86 at press time.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article