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Qubic Appears to Have Executed 51% Attack on Monero — Recovery Prospects Limited

I report that the Qubic mining pool appears to have successfully carried out a 51% attack against Monero (XMR), according to Ledger CTO Charles Guillemet. He explained that a 51% attack occurs when a single actor controls more than half of a cryptocurrency network's hashpower, allowing them to dominate the network.

Guillemet noted that Monero, launched in 2014 and often categorized as a privacy-focused 'darkcoin', has been delisted from many exchanges. He said Qubic's mining pool has been accumulating hash rate for months and now controls most of the network. This morning a large chain reorganization was detected; while Qubic paid significant costs, it has effectively become the sole remaining mining pool. Guillemet assessed that Monero's prospects for recovery are limited.

Cos, founder of blockchain security firm SlowMist, also advised that related platforms should be alert to potential threats. The Monero community, however, had announced at the end of last month that they had repelled a previous 51% attempt by Qubic. As of now, XMR ranks 30th by crypto market capitalization and is trading at $256.94, down 7.44% in the last 24 hours according to CoinMarketCap.

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AI Analysis

The claim centers on a classic consensus-risk scenario: a single mining pool, Qubic, allegedly amassed sufficient hashpower to control Monero's network and trigger a large chain reorganization. Charle...

AI Recommendation

Given the reported dominance of a single mining pool and the confirmed chain reorganization, I recommend reducing exposure to XMR until the network's integrity is demonstrably restored and coordinated...

Disclaimer

The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.

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