Qubic Plans to Take Control of Monero Network with 51% Hashrate Attack

The blockchain project Qubic, led by IOTA co-founder Sergey Ivanchéglo, announced an "economic experiment"—aiming to seize 51% of Monero's hash rate in August to demonstrate the vulnerability of PoW networks. The community responded with concern, increasing efforts to support supportxmr, which already commands 33.5% of the hash rate. This move is perceived as a threat, raising questions about network security and the potential for attacks on privacy-focused cryptocurrencies like Monero. The planned attack underscores vulnerabilities inherent in proof-of-work (PoW) systems, especially when a single entity or coalition can amass significant computational power. It also reflects ongoing debates within the crypto community about network security, decentralization, and the implications of such experimental threats. If successful, this could set a precedent, encouraging similar vulnerabilities to be exploited or tested, potentially destabilizing trust in PoW coins.