The cryptocurrency community has witnessed an unusual situation as the AI-focused project Qubic successfully attacked the Monero blockchain and is now targeting Dogecoin.
Qubic Attacks Monero
This week, the Qubic project conducted a 51% attack on the Monero blockchain, gaining control over a majority of the network's computing power. This news has sparked considerable resonance in the crypto community. The Qubic team confirmed that it successfully reorganized blocks, asserting its dominance over Monero's computing capabilities.
Choosing Dogecoin as a Target
Qubic founder Sergey Ivancheglo conducted a survey among community members about which cryptocurrency to attack next. As a result of the voting, Dogecoin, boasting a market capitalization of over $35 billion, received the most votes, surpassing alternatives such as Kaspa and Zcash. 'The Qubic community has chosen Dogecoin,' Ivancheglo wrote in his post on X.
Implications for the Cryptocurrency Ecosystem
The successful attack by Qubic on Monero raises concerns about potential risks for other cryptocurrencies that rely on Proof-of-Work mechanisms. Cryptocurrency exchange Kraken temporarily suspended Monero deposits, citing possible risks to network integrity. However, withdrawals and trading of Monero remain available.
Qubic's direction towards Dogecoin raises important questions about blockchain security and demonstrates the ability of certain groups to gain control over networks, raising concerns within the cryptocurrency community.
