Privacy coin “FIRO” formerly known as “XZC” under attack by 51%
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Answer Privacy coin “FIRO” formerly known as “XZC” under attack by 51%
Privacy coin FIRO, formerly known as XZC, was attacked by 51%.
The project team did not share full details about the attack process, although they did make it clear that they were working with trading platforms and aggregators at the time of writing this article to minimize the damage.
51% attack, and as it is known, affects blockchain projects, where the bad and malicious party controls more than 51% of the computing power of the project’s blockchain, which means controlling the authentication of transactions and the ability to steal and transfer digital currencies and authenticate them despite the project management.
Therefore, the 51% attack on the “FIRO” project allowed bad actors to gain control of it.
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According to the project team who explained that the problem and the error was not caused by a coding error but from the nature and mechanism of the proof of work.
We are 51% vulnerable at the moment. We recommend that you do not conduct transactions during this time until the network is back to normal. We will post updates when we have them. Note that this is not a coding error but is of the nature of a proof of work. XZC dollars $ FIRO
– Firo (formerly Zcoin) (@firoorg) Jan 20 2021
As we indicated at the beginning of the article, the project team revealed an update that they are working with exchanges and aggregators to reduce the problem.
in addition to, clearer The project team said that shutting down the network would have prevented such an attack, but the lockout is currently in a beta state because it is in beta mode and weeks away from being officially operational.
At the time of writing this article, the FIRO cryptocurrency has fallen by about 16% and still bears the name “XZC” on Binance.
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Last year, we discussed in Bitcoin Arabs that Ethereum Classic was exposed to a number of similar attacks.
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