Monero may be facing a 51% attack after Qubic took control of most of its mining power.
- Qubic says it controls over 51% of Monero’s hashrate.
- Experts warn this could threaten Monero’s blockchain security.
- XMR prices fell more than 16% in one week.
Who Is Behind the Attack?
Qubic is a project created by Sergey Ivancheglo, a former co-founder of IOTA. He claims his team now controls the majority of Monero’s hashrate. This means Qubic may have enough mining power to change how Monero’s blockchain works, block transactions, or redirect funds.
Why This Matters
A 51% attack happens when one person or group takes over more than half of a blockchain’s mining power. With this control, they can rewrite parts of the blockchain, making it possible to send the same coins twice or censor other miners. This has happened before with Ethereum Classic in 2020 and Bitcoin Gold in 2018 and 2020.
Monero’s Response and Design
Monero is known for protecting privacy and resisting powerful mining machines called ASICs. It uses a special method called RandomX, which lets everyday CPUs mine effectively. Qubic uses a different model, called useful proof-of-work (uPoW), to mine Monero and then sell the rewards for USDT. They use that money to buy and burn their own token, QUBIC.
Growth and Warning Signs
From May to July, Qubic’s mining share grew from under 2% to more than 25%, sometimes topping Monero’s mining pools. Now, Qubic says it has more than half. Ledger CTO Charles Guillemet warned that Monero might be under an active 51% attack, pointing to hints of a major change in the blockchain’s structure. Others in the crypto world, like SlowMist’s founder, are unsure about Qubic’s goals or economic plans.
Price Drop and Community Concerns
Following the news, XMR lost 6.65% of its value in one day. In the past seven days, the price dropped by more than 16%. Monero’s developers and users are now debating how to respond. Was this a real attack or just a test? Either way, it raised serious questions about the network’s safety and future.
Source: coindesk.com
