Anonymous cryptocurrency, Firo, has suffered a 51% attack. The privacy cryptocurrency, which was also formerly known as Zcoin, announced the attack in a tweet. In the tweet, Firo said:
“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.”
Users noticed the attack when already confirmed transactions became unconfirmed. The change was the result of a blockchain reorganization attack.
According to the Firo team, the attack was successful because of the lack of chainlocks on the mainnet. Cointelegraph noted that Firo would be deploying Chainlocks in its mainnet in the coming weeks.
Binance CEO Changpeng Zhao stated that the reorganization has led to a rollback of 360 blocks.
Firo further said the privacy cryptocurrency has now joined hands with pools and exchanges to resolve the matter.
Speaking to Cointelegraph, Firo project steward Reuben Yap commented on the reverse effect of the attack. He said crypto exchanges suffer from the attack as the attacker had initially deposited funds that are now reversed. He also revealed that Binance and Indodax were affected by the attack.
Firo (FIRO) is currently down 13.97% to $4.88.
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