Monero, a popular privacy-focused cryptocurrency, is under serious threat. The Qubic pool is executing a 51% attack on the network, raising concerns among analysts.
Current State of the Attack on Monero
According to Charles Guillemet, CTO of Ledger, the Monero network is already experiencing a successful 51% attack led by the Qubic mining pool. This situation has arisen due to Qubic quietly accumulating its hashrate, which now dominates mining power. Analysts estimate that maintaining such control costs about $75 million per day.
Discussion of Qubic's Control
According to Wu Blockchain, Qubic now controls most of Monero's network hashrate, and a major chain reorganization has been detected. This means Qubic has the power to alter blockchain history, execute double-spending takeovers, and block transactions. A six-block deep reorganization indicates an abnormal level of network control.
Impact on the Crypto Market
A successful 51% takeover of a major cryptocurrency like Monero serves as a serious warning sign for the entire crypto universe. If Qubic's control persists, it could undermine faith in proof-of-work blockchains, particularly within small mining communities. This situation serves as a reminder that blockchain security is never guaranteed, regardless of the maturity of the project.
Monero is facing significant challenges in light of this attack, which could lead to a loss of trust in both the network and the cryptocurrency itself. If Qubic gains full control, it might alter Monero's status as a leading privacy coin.
