The Monero ($XMR ) network has been shaken by allegations that the Qubic storage pool was compromised and a successful 51% attack was carried out.
The privacy-focused Monero blockchain has recently been in the news due to claims that the majority of the Qubic storage pool controls the hashrate. Qubic founder Sergey Ivancheglo stated on social media that he controls 51% of the network, and that this move is used to protect Monero against privacy violations. However, this statement has both raised concerns and raised concerns within the crypto ecosystem.
Ledger CTO Charles Guillemet claimed that Monero is undergoing a "major chain restructuring" and that a majority of Qubic could be compromised. Guillemet stated that the daily cost of this attack could be approximately $75 million, and that if stopped, it could rapidly undermine trust in network security. A 51% attack allows an entity to alter the blockchain's history, double-spend, and censor transactions.
Monero and #XMR coins are in turmoil.
While Ivancheglo is definitive, he emphasizes that Qubic's claim is difficult to achieve in some cases.
SlowMist founder Yu Xian said it was unclear how economically profitable this strategy is. SeraiDEX lead developer Luke Parker argued that Qubic only performed a six-block reorganization rather than a full-blown 51% attack. Furthermore, Qubic's cryptographic closure makes it difficult to increase its share of hash power.
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