According to Charles Guillemet, CTO of Ledger, the Monero network has been subjected to a successful 51% attack. This event raises serious concerns about the security of the cryptocurrency.
Information on 51% Attack
Guillemet reported that a mining pool called Qubic has been steadily increasing its power in the Monero network over the past few months and has now achieved a majority share. This attack has resulted in a significant blockchain reorganization.
Potential Consequences for Monero
With the current control, Qubic could arbitrarily rewrite the blockchain, execute double-spend attacks, and censor any transactions. The estimated daily cost to sustain such an attack is around $75 million. This could lead to a loss of trust in the Monero network, potentially prompting other miners to withdraw.
Ledger CTO's Opinion
Guillemet described the situation as 'the $300 million Qubic chain taking over the $6 billion Monero chain.' He emphasized that Monero's options are extremely limited, and a complete collapse of the network is not only possible but inevitable.
The attack on the Monero network highlights the growing risks for privacy-focused cryptocurrencies. Urgent measures may be needed to protect the system if the situation continues to worsen.
