BlockBeats News, on August 12, according to HTX market data, due to the news of Monero being attacked with a 51% attack, XMR fell more than 10% in 24 hours, currently reported at $246.61.
Previously reported, IOTA co-founder Sergey Ivancheglo's project Qubic quickly accumulated a large amount of Monero (XMR) computing power through the 'useful proof of work (uPoW)' mechanism. On August 12, Qubic briefly controlled 52.72% of the Monero network's hash rate (approximately 3.01 GH/s). Once exceeding 51%, Qubic can reject blocks from other mining pools, leading to chain reorganization, double spending, or transaction censorship. The Monero community has launched resistance and defense actions, while Qubic claims this move is a technical demonstration, not a malicious attack.
