Kraken has paused Monero deposits after the Qubic mining pool seized over 51% of the hashrate, raising serious concerns about network integrity.
Impact of Qubic's Hashrate on Monero
Kraken announced the suspension of Monero deposits following a security threat posed by the Qubic mining pool. This pool managed to capture a majority of Monero's hashrate, raising concerns about network centralization.
Kraken's Measures to Ensure Network Security
Kraken's decision to temporarily halt deposits aims to maintain network integrity, while trading and withdrawals remain operational. This highlights the serious threat posed by centralized mining control.
The 51% Attack Problem in PoW Networks
Historically, 51% attacks have disrupted smaller PoW networks, such as Ethereum Classic. Monero previously faced flooding attacks but avoided this scale of consensus manipulation. Experts warn that such events could lead to reduced exchange support or community-driven forks.
The situation with Qubic and Monero highlights the ongoing vulnerability of Proof-of-Work networks to centralization and attacks, which may impact trust in such projects.
