Binance to Delist Ten Margin Pairs, Including ANT, RVN, FIRO, BAL, on September 14, 2023

Binance Margin, a feature of the Binance cryptocurrency exchange, has announced that it will delist ten isolated margin pairs effective September 14, 2023, at 06:00 (UTC). The pairs to be removed are ALPHA/BUSD, ANT/BUSD, BAL/BUSD, COS/BTC, DGB/BUSD, FIRO/BUSD, OOKI/BUSD, QI/BTC, RVN/BUSD, and TWT/BUSD.

Timeline of Events

The delisting process will follow a structured timeline:

September 4, 2023, at 06:00 (UTC): Suspension of isolated margin borrowing for the affected pairs.

September 14, 2023, at 06:00 (UTC): Automatic settlement of users’ positions and cancellation of all pending orders on the specified pairs.

Users are strongly advised to close their positions and transfer their assets from Margin Wallets to Spot Wallets before September 14, 2023, at 06:00 (UTC). Binance has stated that it will not be responsible for any potential losses incurred during the delisting process.

Implications for Users

The delisting of these margin pairs could have various implications for traders. For one, it limits the options for leveraging assets in the short term. It also necessitates the reallocation of assets for those who have existing positions in these pairs.

Binance delisting actions are generally taken due to low trading volume, regulatory concerns, or technological issues with the assets involved.

Risk Management

The announcement also serves as a reminder for traders to exercise caution and risk management. Users are unable to update their positions during the delisting process, making it imperative to act before the deadline.

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Privacy Coin Firo Suffers 51% Attack

Privacy coin Firo suffered a 51% attack on its blockchain network today. The unknown attacker reorganized more than 300 blocks on its blockchain during the course of the attack.

Major attack on Firo Blockchain network

The attack occurred in the early hours of Wednesday with Firo tweeting about it around 1.28 am UTC. According to the blockchain protocol, the attack was not because of a coding error in its protocol but due to the nature of the Proof of Works protocol.

As a reminder, 51% attacks generally concern blockchains that use Proof-of-work (PoW) consensus. They occur when an entity controls more than half of the hashrate of the network. This enables the entity to reorganize the chain and blocks to profit from them or censor transactions. This is why the occurrence of a 51% attack on Firo can be extremely problematic for the altcoin.

In the case of Firo, the attacker reorganized more than 300 blocks and this change was apparently noticed when users reported that previously confirmed transactions had become unconfirmed. Binance chief Changpeng Zhao revealed in a tweet that the attack had resulted in the reversal of confirmation of 306 blocks.  Thus reducing the blockchain blocks history to January 18, 2020. This means that transactions that were performed in the past 48 hours were unrolled by the attacker.

At the time of publication, there is a fair amount of uncertainty regarding the extent of damage caused by the attacker. Firo team claims that the attack has stopped but has not projected the extent of economic cost to the protocol. However, the blockchain developers admitted that exchanges are likely to be at loss since the attacker had deposited funds that had been reversed due to the 51% attack. It is understood that leading exchange Binance and Indodax are the two affected.

51% occurs before major update to Firo blockchain

It is understood that the attack on the Firo blockchain occurred just before the deployment of a new feature called Chainlocks. Chainlock is a secondary validation layer that was expected to mitigate 51% attack. With Chainlocks activated, the attacker would have been required to control 50 of all Firo master nodes in addition to 51% of the mining hash rate to control the blockchain.

As expected the news of the 51% attack has affected the price of FIRO (FIRO). At the time of writing, the privacy coin is down 14% in the past 24 hours. It is not uncommon for hackers to target Proof-of-Work blockchains with low hash rates with Ethereum Classic and Grin suffering 51% attacks in 2020.

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Privacy-focused Firo cryptocurrency suffers 51% attack

Anonymous cryptocurrency Firo — formerly known as Zcoin— is the latest Proof-of-Work coin to suffer a 51% attack.

Tweeting on Wednesday, Firo revealed that the protocol had come under a 51% attack and advised holders to pause all transactions until the network returns to a normal state.

The attack reportedly came to light when users reported that previously confirmed transactions had become unconfirmed. This was apparently the result of a blockchain reorganization attack initiated by the attacker.

According to Binance CEO Changpeng Zhao, the blockchain reorg resulted in a rollback of 306 blocks. Details of the attack shared by team members on the project’s Telegram group showed the attacked “orphaned” confirmed transactions from the previous day.

At publishing time, the Firo team says the attack has stopped. Commenting on the economic cost of the attack, Firo project steward Reuben Yap told Cointelegraph:

“Exchanges are the ones at a loss as the attacker had deposited funds which have now been reversed because of the 51% attack. We are still working with exchanges to resolve the matter. From what we know at the moment both Binance and Indodax were affected.”

Firo stated that the attack was not due to a coding error. “We frequently assess to see what kind of hash rate is easily rentable on MTP and it never approached something that would have been able to pull off an attack on this scale,” Yap said.

For the Firo team, the attack was only possible because the project was yet to deploy Chainlocks on the mainnet. A Chainlock is a secondary validation layer that reportedly mitigates a 51% attack.

According to Yap, with Chainlocks activated, an attacker would need to control at least half of all Firo master nodes in addition to the usual 51% mining hash rate dominance.

Firo has reportedly completed the testing protocols for Chainlocks and is primed for its full deployment in the next few weeks. When integrated, Chainlocks will be the latest protocol feature added to the project after activating the Lelantus upgrade.

The timing of the attack was suspicious, according to Yap, who said that Firo is investigating possible motives. “To pull a double spend of this magnitude, the attacker had also acquired significant amounts of Firo legitimately,” he said, adding:

“The timing of the attack is also weird given that MTP has been live on our chain for a long time and several months have passed since first halving. To attack us when we are so close to deploying chain locks seems strange.”

On the price side, Firo (FIRO) is down almost 12% in the last 24 hours. This decline has interrupted a positive 14-day trading period for FIRO but the privacy coin is still up over 73% since the start of 2021.

Proof-of-Work blockchains with significantly lower hash rates have fallen victim to 51% attacks on several occasions. Back in 2020, Ethereum Classic suffered multiple 51% attacks with one such incident leading to the loss of about $5.6 million worth of ETC. Grin, another privacy-focused crypto also suffered a 51% attack in 2020.