FIRO Privacy Coin Suffers 51% AttackJanuary 20, 2021
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.
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