Monero, a popular cryptocurrency with a focus on privacy, is facing a threat due to a successful 51% attack, as reported by Charles Guillemet, CTO of Ledger.
What is a 51% Attack?
A 51% attack occurs when a single entity controls more than 50% of the network's computational power. This allows them to double spend, block transactions, and manipulate the blockchain.
Details of the Attack on Monero
According to Guillemet, the Qubic mining pool, which has recently increased its hash rate, has taken control of the Monero network. He indicated that this could lead to significant chain reorganization and potential attacks on transactions.
Implications and Future of Monero
Guillemet suggests that if Qubic continues to dominate the network, it could lead to a full takeover and loss of confidence in Monero. Currently, the value of XMR has dropped by 13%.
The attack on Monero highlights the vulnerability of networks to such threats and the potential for significant changes within the ecosystem. Uncertainty surrounding Monero's future may intensify market conditions.
