Firo – a proof of work (PoW) cryptocurrency complained of cyber-attack. States that the attack occurred at almost 50% of Firo’s protocols. Immediately warns the users not to engage in or conduct any transaction until the issue is over.
Firo, which is a cryptocurrency of a kind of PoW, has reported that cyber-criminals have attacked Firo’s security protocols. As a result of the attack, the security protocols of Firo were breached and made it vulnerable to certain risks. Firo, which was also once recognized as Zcoin, informed that the attack was related to blockchain reorganization.
Firo clarified that the alleged attack was a genuine blockchain organization attack which cannot be termed as a coding error by any means. During this attack at least 50% of its protocols were compromised which could potentially harm the holders of Firo. However, in order to prevent any damage or loss, Firo immediately warned the holders not to execute and/or engage in any transactions. However, no time limit has been informed by Firo to holders but they have been asked to refrain from Firo transactions for the time being.
The news surfaced when Firo tweeted several messages from its official Twitter account in which it informed breaching of its security protocols. It was reported that the attack occurred on 19th January and since then Firo has been trying to get rid of the problem. But before somebody may have learned the news directly from Firo, it was Changpeng Zhao of Binance who broke the news.
Zhao informed in a tweet message that a cyber-attacked had occurred at Firo (XZC) putting more than half of its protocols in danger. He also pointed out that as a result of the attack at least 306 mining blocks of Firo were rolled back.
Following Zhao’s tweet, Firo too joined Twitter and told publicly that they were coordinating with crypto trading platforms for resolving the issue. Firo also told that it had recently adopted new protocols called Chainlocks which it had tested on test net as well. However, the protocols were not enforced as they were to be employed a week later. If these protocols would have been in place, then such a situation wouldn’t have arisen, told Firo.
For the time being Firo and its team has been providing updates in intervals regarding their progress on the resolution of the issue. In addition, Firo has also launched its hotfix digital wallet so as to allow its users to upgrade their existing wallets. This upgrade will let the users have updated protocols enabled in their digital wallets.
The annual progress of XZC is on the positive side however, after receiving the attack, the value of XZC has gone down considerably. Currently, XZC’s value is around US$ 4.25 per PoW.