Monero 51% Risk: Qubic Pool Can Reorganize Chain

I believe the reported 51% attack on Monero looks to have succeeded, according to SlowMist founder Yuxian: the Qubic mining pool now theoretically has the ability to rewrite the blockchain, perform double-spend attacks, and censor transactions. This accumulation of hashpower by Qubic has reportedly led to a major chain reorganization detected this morning.

I note that Ledger CTO Charles Guillemet also tweeted that Monero appears to be undergoing a successful 51% attack, with Qubic having been steadily acquiring hashpower for months and now controlling a large portion of the network. With that level of hashrate, Qubic could rewrite blocks and implement double spends.

I acknowledge that this kind of attack is costly — estimates place the daily cost to sustain it at up to $75 million — and it remains unclear what economic benefit the attacker seeks. I recommend that relevant platforms pay attention to this potential threat and remain on alert.