Proof of Work (PoW) cryptocurrency Firo announced that its protocol was under 51% attack and notified its holders to stop trading. According to reports, this privacy coin, originally named Zcoin, has been attacked by blockchain reorganization.

The Firo team clarified that the attack cannot be attributed to “coding errors”

Based on a series of tweets Published According to Firo, the attackers violated the agreement on January 19 and they are working to resume operations.However, the Firo team clarified that 51% of mining attacks are not “coding errors, but [the] The nature of PoW. “

One of the first reports on the attack came from Binance CEO Changpeng Zhao, Said:

XZC (FIRO) has an attack rate of 51% and rolls back 306 squares until 2021-01-18 17:24:20 (UTC). Another confusing situation.

When launching an attack, Ferro Published One tweet said:

We are currently working with exchanges and swimming pools. Chainlocks, which can prevent this from happening, have been tested on the testnet and are still a few weeks away from deployment.

The Telegram group of the Firo group has released some updates about this incident. Some posts indicated that the attackers were “isolated” from confirming transactions on January 18.

As a precaution to deal with this incident, Firo released a patch wallet on January 21, asking people to upgrade their wallets and master nodes. As of press time, the team stated that the attack had stopped.

According to data from markets.Bitcoin.com, Zcoin (XZC) is quoted at US$4.2568, down -16.51% from January 21. However, its annual value is still positive.

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Recent events related to Proof of Work encryption

The latest attack on proof-of-work cryptocurrencies dates back to November 2020. suffer Conducted 51% attacks on its blockchain network. The Grin team established its token on the Mimblewimble protocol.

On February 17, 2020, Zcoin (now Firo) reported that there was a typo that allowed the attacker to cash in about $400,000 in profits. They explained how the incident happened:

A typographical error in a single additional character in the code allows an attacker to create a Zerocoin spend transaction without the corresponding minting.

What do you think of Zcoin’s 51% mining attack? Let us know in the comments section below.

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