The developers of the Firo cryptocurrency, formerly known as Zcoin, today published a notification about the 51% attack taking place in their network.
"We recommend that you do not send transactions at this time until the network returns to normal. We will release the updated information when we have it. We want to emphasize that this is not a bug in the code, but the nature of the Proof-of-Work consensus mechanism, " they write.
Whattomine estimates that 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 exchange rate, which, despite the rebranding and the rise of the market, has risen slightly 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. Of the major platforms, Firo is available for trading on Binance. They also claim that the attack occurred just a few weeks before the planned implementation of a checkpoint-based mechanism designed to prevent such situations from occurring.
"This attack would have been impossible in a few weeks. It could have been carried out at any time in the last four years or after our halving, " the report says.
Earlier, the Grin cryptocurrency network was attacked by 51%.