The developers of the crypto Firo, formerly known as Zcoin, have reported the network has suffered a 51% attack. They wrote:
"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."
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Whattomine reported Firo's hashrate is currently 12.09 Gh/s, down from 68.85 Gh/s in May 2020. Firo is very popular among crypto miners due to the fact that it can be mined through GPUs. At the same time, the price of the coin, despite the rebranding and the upturn in the market, has risen slightly from multi-year lows and is now up to $5. Back in December 2017, the price of Zcoin hit $170.
The project developers have reported they are currently working with pools and exchanges. Firo can be traded in the popular crypto exchange Binance. According to the developers, the attack has taken place a few weeks before the planned implementation of a checkpoint-based mechanism aimed at avoiding this type of situation. The developers of Firo said:
"This attack would not have been possible within a few weeks. It could have taken place at any time in the last four years or after the halving."
The network of the cryptocurrency Grin has also suffered a 51% attack recently.