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Hackers Target Firo Cryptocurrency in 51% Attack

Hackers Target Firo Cryptocurrency in 51% Attack
  • Hackers hit Firo cryptocurrency’s blockchain in a 51% attack today.
  • During the attack, it seems over 300 blocks were rolled over.
  • The blockchain was vulnerable due to the nature of the Proof-of-Work (PoW) consensus.
  • According to CoinGecko, the price of Firo has dropped amid the attack.

The privacy coin Firo, formerly known as Zcoin, is currently facing a 51% attack on its blockchain. The team updated its users on Twitter immediately following the attack.

Firo advised its users to refrain from making any transfers while the network is still under attack. Additionally, they told their users to wait for updates while the team worked on fixing the issue.

It seems over 300 blocks rolled back within the time it took for the 51% attacks to take control. Additionally, they alerted their users to the actual cause of the attack.

The attack was in fact, caused by the nature of the Proof-of-Work (PoW) consensus and not due to a coding error. Firo’s team says it is currently working with pools and exchanges to resolve the issue.

Firo also mentioned in a separate tweet, that they were working on Chainlocks that would have prevented such an attack. The venture was in its testing phase and upon the testnet’s success, the Chainlocks would’ve deployed in a matter of weeks.

The anonymous digital asset noticed the problem when multiple reports came in about previously confirmed transfers turning out to be unconfirmed. This was thereby, a result of the Firo blockchain coming under attack.

Unfortunately, 51% attacks on PoW networks seem to be increasing. Ethereum Classic too faced a 51% attack less than six months ago.

Hackers taking control of 51% of a blockchain’s hashrate can lead to great gains for any attacker. Especially considering the ATH’s most coins have hit recently.

Amid the attacks, the price of Firo has dropped from $7.26 to $4.80 at press time.

An eager wordsmith who conveys her thoughts and fascinations through words and storytelling. Besides lurking on new and emerging technology forums, she’s always updated when it comes to blockchain.