Qubic, after controlling 51% of Monero's hashrate, voted to target Dogecoin as the next objective. PoW security is under scrutiny.
Qubic, that controversial crypto project that managed to control 51% of Monero's hashrate and paralyzed deposits on Kraken, has just announced its new target: Dogecoin. A decision by its community — more than 300 votes — has the PoW world wide awake. Are we facing an experiment or a real threat to the crypto ecosystem?
Qubic Attack: Monero to Dogecoin
1) What did the community say and how did they respond?
• After reorganizing six blocks on Monero and achieving the majority of hash power, founder Sergey "Come-from-Beyond" Ivancheglo consulted the community about the next target.
• Among the options (including Zcash and Kaspa), Dogecoin was chosen with over 300 votes, as announced on X.
• Monero suffered a real or near attack, which led Kraken to suspend deposits for security.
• Now, this threat expands to Dogecoin, the most popular memecoin and one of the top 10 by market capitalization.
◦ Sources: CoinCentral, Cryptonews, The Crypto Times.
3) Technical and market implications
• PoW networks remain exposed to attacks if a single entity controls a significant portion of the mining resources.
• Qubic demonstrated this with Monero; now it seeks a more visible, larger, and potentially more profitable target.
◦ Sources: Cointelegraph, CryptoSlate, Cryptonews, Coinfomania.
• In the market, DOGE fell more than 5% in a few hours, accompanied by a 75% increase in trading volume.
• These are clear warning signs (negative NPL, rising short ratio).
◦ Source: Cryptonews.
4) Risks and security reflections
• Qubic describes these actions as "stress tests" to demonstrate the resilience of PoW networks.
However, the concentration of mining power — as highlighted by Ledger's CTO — threatens the trust of the entire industry.
However, the concentration of mining power — as highlighted by Ledger's CTO — threatens the trust of the entire industry.
