The privacy-focused cryptocurrency Firo (formerly Zcoin) suffered a 51% attack. The developers urged users not to make transactions until the network returns to normal.
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
“This is not a coding error, but the nature of the Proof-of-Work consensus algorithm,” the developers noted.
According to them, the incident occurred a few weeks before the rollout of Chainlocks. The mechanism prevents 51% attacks by using masternodes.
What is a 51% attack?
The team planned to integrate a new transaction-processing method immediately after activation of the protocol Lelantus privacy and the completion of the network rebranding.
Back in November 2020, the privacy-focused Grin endured a 51% attack.
In the same month, a group of anonymous miners took control of the majority of the Bitcoin Cash ABC hash rate.
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