The developers of the Firo cryptocurrency, formerly known as Zcoin, reported a 51% attack on their network. They write:
“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 a bug in the code, but the nature of the Proof-of-Work consensus mechanism. “
According to 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. At the same time, the rate, despite the rebranding and the rally in the market, has slightly risen from multi-year lows and at the time of publication is $ 5. In December 2017, the price of Zcoin reached $ 170.
The developers report that they are currently working with pools and exchanges. From the major platforms, Firo is available for trading on Binance. They also argue that the attack happened just weeks before the planned implementation of a checkpoint-based mechanism to prevent such situations from occurring. Firo developers write:
“This attack would be impossible in a few weeks. It could have taken place at any time in the last four years or after our halving. “
Earlier, the Grin cryptocurrency network was attacked 51%.
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