Firo suffers 51% attack

Hackers attacked Firo network, asks traders to stop trading
  • Firo has been attacked by hackers with 51% attack on January 19.
  • A statement was released by the exchange to advise the traders to stop doing transactions on the platform.
  • Firo team had informed that the attack can’t be linked to the coding error
  • The team clarified that 51% mining attack is not due to the coding error but the nature of PoW

Firo, the privacy centric cryptocurrency has sent out a note to its traders to halt any type of trading on the platform. The proof-of-work (PoW) cryptocurrency Firo has come below a 51% assault on January 19. In a statement released by the exchange, Firo has urged all its traders to be very cautious while doing trading on the platform or stop trading for sometime.

Firo was known as Zcoin earlier. The coin has reportedly been a subject of blockchain reorganization attack. However, the Firo team has been informed that the attack can’t be linked to the coding error. In a series of tweets published by Firo, the hackers attacked the exchange on 19 January, 2021. The Firo team is working to restore operations soon. 

Firo Team at it’s best

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The crew at Firo clarified that 51% mining assault isn’t always because of the coding mistakes however the nature of PoW. Changpeng Zhao, CEO, Binance made the first report of the attack. Firo too had posted a tweet at the time of attack stating that the exchange is working with exchanges and pools presently. Chain locks were being tested on testnet. It was weeks away from deployment. 

The Telegram team of Firo has also posted some updates. One of the customers stated that the attackers deserted the transaction on January 18. On January 21, Firo launched hotfix pockets as a preventive measure.  On January 21, a hotfix wallet was released by Firo to prevent any kind of hack. They had asked people to update their wallets and masternodes. 

As per the market’s data, Firo is rated at $4.2568.

Similar attacks

Similar attack happened last year in November 2020 when Grin was attacked 51% on its blockchain network. Grin is also another type of privacy coin. 

Similarly on February 17, 2020 Zcoin now called Firo was attacked by the hacker. The team reported that the reason for attack was linked to typo error. This led the attacker to cash in a profit of around $4,00,000. The team explained a typographical error on a single additional character in the code. 

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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