The cryptocurrency world is once again troubled following Qubic's hints at a possible 51% attack on Zcash. Sergey Ivancheglo, founder of Qubic, previously executed a similar attack on Monero, raising significant concerns in the industry.
Control Over Monero
Sergey Ivancheglo announced the successful execution of a 51% attack on Monero. This event negatively impacted the coin's value, which dropped by 9% after the attack was confirmed. It also sparked widespread interest and discussions about the safety of privacy-focused networks.
Potential Threat to Zcash
Qubic is now hinting at the possibility of the next attack on Zcash. Although an attack has not yet been carried out, such statements raise serious concerns within the community. Blockchain data indicates that Qubic earned approximately $255,000 through the Monero attack, heightening risks for other cryptocurrencies.
Risks for Other PoW Cryptocurrencies
According to security researcher Cos, "Theoretically, Qubic can now rewrite the blockchain, implement double-spending, and censor any transaction... Other platforms should closely monitor such threats." Historical data shows that regulatory scrutiny typically increases following such events, which could have serious repercussions for the sector.
The situation involving Qubic and the attacks on Monero, alongside the potential threat to Zcash, highlights the importance of security in the cryptocurrency space. Transparency and resilience of networks should remain in focus for market participants.
