BlockBeats reports that on August 12, IOTA co-founder Sergey Ivancheglo's project Qubic quickly accumulated a large amount of Monero hash power through the 'useful proof of work (uPoW)' mechanism, rising from less than 2% to over 27%, temporarily becoming the largest Monero mining pool. It has publicly stated that the goal is to reach over 51% to test the network's security.
On August 12, Qubic briefly controlled 52.72% of the Monero network's hash rate (approximately 3.01 GH/s). Once it exceeds 51%, Qubic can reject blocks from other mining pools, leading to chain reorganization, double spending, or transaction review.
The Monero community has launched resistance and defensive actions, while Qubic claims this move is a technical demonstration, not a malicious attack. Ledger's CTO stated that Monero seems to be experiencing a successful 51% attack. The Qubic mining pool has been continuously accumulating hash power for months and now controls most of the network's hash power. A significant chain reorganization was detected this morning. With its current hash power, Qubic can rewrite the blockchain, implement double spending, and review any transactions.
