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The Monero blockchain, known for its privacy-focused transactions, is facing one of its biggest challenges yet, a suspected 51% attack on the network. Blockchain security firm SlowMist reported that Qubic, a mining project, has been behind this attack. While the motive behind this attack remains unclear.
However, this attack has severely impacted the Monero’s native token XRP price to drop by 8% in the past few hours.
How Qubic Made this 51% Attack
According to SlowMist, a Qubic mining pool recently caused a six-block deep chain reorganization. This means part of the Monero blockchain was replaced with an alternative version.
The suspicious activity was first spotted by an OrangeFren, who also shared charts showing the unusual shift in the network.
Unlike sudden attacks from hackers or botnets, this was a planned move. Qubic lured miners with higher rewards, attracting many to switch over. Normally, Monero mining is spread across many small miners, making takeovers rare.
But Qubic gathered enough power, possibly thousands of machines, to dominate the network, reaching a peak hashrate of 4.99 GH/s.
Why It Matters?
A 51% attack is expensive, about $75 million a day, but gives huge control. Qubic could reverse or block transactions if it wanted. Monero’s privacy may limit double-spend risks, but the event raises big worries about centralization in a network meant to stay decentralized.
Helping Monero, Not Hurting It
Countering the Monero attack allegation, Qubic’s founder, Sergey Ivancheglo, said, this wasn’t about taking Monero down. Instead, he says the move helped Monero prepare for future threats, especially from powerful organizations that might try to harm it.
He added that the Monero team is now working on fine-tuning its defenses to prevent similar risks in the future.
Some critics accused Qubic of working with government agencies to attack Monero, but its founder denied it, saying their actions made the network stronger.
Monero Attack Impact On XMR
The news hit investor confidence hard. Monero’s native coin, XMR, dropped over 10% in 24 hours to a three-month low of $247. Over the past week, it has slid from $305 to the current level, showing a clear short-term bearish trend.
XMR now sits more than 50% below its all-time high, and some analysts warn it could fall further to around $230.