Last week, the Monero network faced a serious security issue when a mining pool managed to take over more than 50% of the network's total processing power.
Situation with the Monero Network
The Qubic mining pool, which is associated with IOTA co-founder Sergey Ivancheglo, briefly surpassed the 51% hashrate threshold on the Monero network, threatening its decentralized nature. However, the pool's share of the network has since declined to 35%.
Kraken's Response
Cryptocurrency exchange Kraken released a statement announcing a temporary halt on investments in XMR. "We have detected a mining pool controlling more than 50% of the total processing power of the Monero network. This poses a potential risk to the integrity of the network. Trading will be reopened once we are confident it is secure," Kraken stated. They noted that XMR trading and withdrawals are continuing as normal.
Discussion on Security and Decentralization
This incident has reignited discussions about decentralization and security within the Monero community. Experts emphasize that 51% attacks remain one of the most critical vulnerabilities in blockchain networks, particularly relevant for privacy-focused networks like Monero.
The situation regarding the attack on the Monero network has prompted discussions about the importance of decentralization and security in the cryptocurrency space. Community members continue to monitor the developments.
