On August 12, news broke that Yu Xian, the founder of Slow Mist, stated that the 51% attack on Monero appears to have been successful. The Qubic mining pool can theoretically rewrite the blockchain, implement double spending, and censor any transaction. The cost of this attack is high, and it is still uncertain what the economic gain for the attackers is. Relevant platforms are advised to be aware of potential threats and stay vigilant. Ledger's CTO Charles Guillemet tweeted that Monero seems to be facing a successful 51% attack. The Qubic mining pool has been accumulating computing power for months and now controls most of the network's hash rate. A significant chain reorganization was detected this morning. With its current hash rate, Qubic can rewrite the blockchain, implement double spending, and censor any transaction. The estimated cost to sustain this attack is as high as $75 million per day.
