The developers of Firo, a cryptocurrency formerly known as Zcoin, today posted a notice of a 51% attack on their network.
We are under 51% attack at the moment. We recommend not to make transactions during this time until the network returns to a normal state. We will post updates when we have them. Note this is not a coding error but a nature of PoW. $ XZC $ FIRO
— Firo (formerly Zcoin) (@firoorg) January 20, 2021
“We recommend not sending transactions during this time until the network is back to normal. We will post updated information when we have it. We would like to emphasize that this is not an error in the code, but the nature of the Proof-of-Work consensus mechanism, ”they write.
Whattomine estimates Firo’s hashrate is currently 12.09 Gh / s, up from 68.85 Gh / s last May. The popularity of Firo among miners is facilitated by the possibility of mining cryptocurrency using the GPU. The negative factor is the rate, which, despite the rebranding and the rise of the market, has not risen much from multi-year lows and at the time of publication is $ 5. In December 2017, the Zcoin price reached $ 170.
The developers report that they are currently working with pools and exchanges. Of the major platforms, Firo is available for trading on Binance. They also argue that the attack occurred just weeks before the planned implementation of a checkpoint-based mechanism designed to prevent such situations from occurring.
“This attack would be impossible in a few weeks. It could have been held at any time in the last four years or after our halving, ”the message says.
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