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- Fire, a proof-of-work (PoW) cryptocurrency, reports a 51% attack on the protocol
- Digital asset holders of the privacy token were requested to hold off any transactions until the issue is resolved
- The crypto was allegedly a victim of a blockchain reorganization attack
Cryptocurrency privacy token Firo suffered a 51% attack on its protocol, which could be a blockchain reorganization attempt.
Users Requested To Stop Crypto Transactions
Firo, a privacy token in the crypto industry, has encountered a 51% attack on its system protocol. This has landed the token amid a hash war. It has also requested users not to make any transactions and halt ongoing exchanges .
Through a tweet, Firo announced that it was allegedly a blockchain reorganization attack that had been identified. The team working towards resolving this issue is operating along with the support of different exchanges and pools. This will lead to significant mitigation to the damage caused. Firo has also asked the users to upgrade all wallets and masternodes to the new update, which will help secure the digital assets.
In a situation where a single miner, or numerous miners, obtain the hash power (exceeding 50%) of a blockchain network, it is known as a 51% attack is an attempt at blockchain reorganization.
Possible Blockchain Reorganisation Attempt
The attack was first identified at 7 a.m. UTC by the token privacy team. In this situation, the assailant had rearranged the blockchain around 306 squares deep. From a Proof-of-Work (PoW) viewpoint, it seems that they were attempting to expand their private chain and aggregate a more significant number of exchanges to make it longer than Firo’s genuine blockchain.
According to Reuben Firo, Project Steward of the privacy token, the aggressor was selling immense measures of available FIRO. This led to a crash in the protocol. This attack led to numerous deposits of the attacker’s funds on Binance.
The attack preceded Firo’s intention to establish Chain Locks from many weeks. This measure would have required an attacker to acquire 51% of the mining hash rate and gain control of half of all Firo master nodes. This could conceivably discourage these types of attacks.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
