A recent 51% attack on the cryptocurrency Monero has raised significant concern in the crypto industry. Experts warn of potentially devastating consequences for the network.
What Happened to Monero?
Experts report that the Qubic pool now controls most of Monero's hashrate, allowing it to rewrite blockchain history and launch double-spend attacks. This situation became possible after Qubic amassing substantial hashrate over several months.
What Are the Consequences of the Attack?
The prevailing conditions allow the Qubic pool to effectively orphan competing blocks, which may leave other miners without incentive to continue. As a result of the attack, a crisis of trust in Monero may arise, potentially negatively impacting its market value.
Expert Opinions on the Situation
Yu Xian, founder of SlowMist, highlighted the high operational costs of the takeover, yet the consequences of such an attack remain uncertain. 'I’ve been following for a while, and this time the 51% attack on Monero seems to have succeeded,' he remarked. Charles Guillemet, CTO of Ledger, confirmed the seriousness of the situation, emphasizing that the attack could devalue Monero in investors' eyes.
The successful 51% attack on Monero raises questions about the future of this cryptocurrency and alarms users and investors. Experts call for attention to the potential consequences for the network and its reputation.
