On August 12, 2025, Qubic, led by Sergey Ivancheglo, conducted a 51% attack on Monero, temporarily controlling over half of the network's hash rate.
Attack on Monero
On August 12, Qubic executed a 51% attack on Monero using $75 million. The attack temporarily controlled 52.72% of the network's hash rate and affected 6 blocks. Sergey Ivancheglo stated that "Qubic’s actions are intended as a stress test to help the Monero community prepare for future network threats."
Potential Risks for Dogecoin
Qubic also identifies Dogecoin as its next target, raising further concerns in the crypto market. The large market capitalization of Dogecoin amplifies the potential implications of such attacks.
Market Reactions
Qubic's attack on Monero resulted in a 16% drop over the week, echoing past vulnerabilities in Ethereum Classic and Bitcoin Gold. As of August 27, 2025, Monero trades at $269.20. Market reactions remain tense post-attack, evidenced by Kraken suspending Monero deposits.
The attack on Monero highlights the need for increased security measures in the cryptocurrency space. The community continues to seek ways to protect their assets from such threats.
