Monero Hit by 51% Attack Led by Qubic Project, Kraken Suspends XMR Deposits
After a successful 51% attack on Monero, Qubic’s community votes to target Dogecoin, with a market cap exceeding $35 billion, as its next focus of attack.
DOGE
XMR
Fact Check
The provided evidence overwhelmingly confirms that the crypto exchange Kraken suspended Monero (XMR) deposits in response to the Qubic project gaining a majority of the network's hashrate. Numerous sources explicitly label this event a '51% attack.' While one source disputes the label 'attack,' arguing it was a precautionary measure and Qubic framed it as a 'stress test,' the core facts of the statement are well-corroborated across multiple reports.
Summary
Following a 51% attack on Monero in mid-August, where Qubic gained control over 52% of the network’s hash rate, the Qubic community has voted to target Dogecoin as their next potential victim. The August attack led to block reorganizations and the temporary suspension of XMR deposits by Kraken. Qubic’s use of its ‘useful proof-of-work’ mechanism allows for higher mining returns, leading to significant mining power capture. Dogecoin, valued at over $35 billion, is now in Qubic’s sights.
Terms & Concepts
- 51% Attack: A type of attack where an entity controls more than 50% of a cryptocurrency’s mining hash rate, allowing them to alter the blockchain, including reversing transactions and potentially double-spending.
- Qubic Project: A mining initiative led by former IOTA co-founder Sergey Ivancheglo, using a 'useful proof-of-work' model to incentivize miners by converting Monero mining rewards into QUBIC token buybacks and burns.