Reports have indicated that the Monero (XMR) currency is under a successful 51% attack by the Qubic mining pool, which has managed to seize the network's hash power, granting it the ability to reorganize the blockchain and manipulate the transaction record.
Key Points:
The Qubic mining pool controls a significant portion of the hash power of the Monero network, raising substantial security risks.
Key figures monitoring the incident include experts from Qubic, SlowMist, and Ledger.
Estimates suggest that the cost of continuing the attack could reach $75 million daily.
According to Charles Guimier, the technical director of Ledger, this control gives Qubic the theoretical ability to rewrite the blockchain record, execute double spending operations, and even review or block any transactions. Despite the seriousness of the situation, the Monero team has not yet issued an official statement.
Potential Effects of the Attack
The increase in hash power at Qubic over the past months has served as an early warning for blockchain security experts. Control of the network opens the door to risks such as transaction censorship or chain reorganization, which could cause financial and operational losses, especially for platforms dealing in Monero.
Founder Yu Xian of SlowMist stated:
It seems that Monero has been subjected to a successful 51% attack… The Qubic pool can theoretically rewrite the chain, execute double spending, and examine any transactions… The cost of the attack is high, but the economic return is unclear.
Financial and Security Implications
According to CoinMarketCap, Monero is currently trading at $251.93, with a decline of 25.84% over the last 30 days, reflecting growing concerns about the network's security.
The Coincu research team indicates that such attacks could lead to a decline in market confidence, increased regulatory scrutiny, and a need for developing innovative security strategies to strengthen similar networks.
