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Monero rocked by successful 51% attack as Qubic pool seizes control
Monero’s price fell 10% after one mining pool managed to take over 51% of its hashrate, potentially enabling it to take control of the chain.
Summary
The Monero (XMR) community is on high alert after one entity gained the ability to perform a potential 51% attack. On Tuesday, August 12, the Qubic mining pool obtained more than 51% of the network’s hashrate. Theoretically, this could enable it to rewrite the blockchain, censor transactions, double-spend, and more.
Several industry insiders, including SlowMist founder Yu Xian and Ledger CTO Charles Guillemet, sounded the alarm over this prospect. They noted that Qubic had been amassing control for months by offering incentives to miners, though they questioned the economics of such a move.
Guillemet estimated that sustaining this hashrate could cost the mining pool $75 million per day. While it would enable them to take over the network and remove incentives for other miners, it would also destroy confidence in the network overnight and severely impact the price of XMR.
Is Monero in danger of takeover?
Shortly after Qubic obtained more than 51% control, Monero’s price fell 10%, from $276.69 to $251.35. While Qubic founder Sergey Ivancheglo claimed the pool had reached 51% control, he denied any malicious intent toward the network. He claimed the move was aimed at helping Monero prevent potential attacks from hostile actors in the future.
As a privacy-focused crypto project, Monero has been under scrutiny by governments across the globe. Authorities view it as a tool for criminals to launder they money, while advocates praise its privacy features. In any case, Monero has shown resilience. Shortly after Qubic obtained 51% control, other miners coordinated, helping drop its hashrate to below 14%.