Monero hit by critical 51% attack as Qubic gains control of network

The privacy-focused Monero blockchain has suffered a 51% attack, meaning the web is not controlled by a azygous entity.

On Aug. 12, Sergey Ivancheglo, known successful the crypto assemblage arsenic “Come-from-Beyond” (CFB), claimed connected X that Qubic had surpassed 51% of Monero’s web hash rate, saying:

“Looks similar Qubic has achieved 51% implicit Monero, we are waiting for autarkic confirmations.”

Ledger CTO Charles Guillemet aboriginal confirmed the claim, stating that Qubic present controls astir of Monero’s computing power.

He noted:

“Other miners are near with nary inducement to continue, arsenic Qubic tin simply orphan immoderate competing blocks, efficaciously becoming the sole miner.”

He warned that the group’s dominance could alteration large-scale blockchain rewrites, double-spending, and transaction censorship.

Qubic’s 51% Attack connected Monero (Source: Evilcos/X)

Guillemet estimated the cognition costs astir $75 cardinal per time but noted it could inactive beryllium profitable, astatine slightest successful the abbreviated term.

The Ledger CTO concluded that the onslaught had allowed a smaller concatenation to overtake a apical 30 crypto tokens. He wrote:

“In effect, a $300 cardinal market-cap concatenation is taking implicit a $6 cardinal one. Monero’s options for betterment are limited, and a afloat takeover is present imaginable and adjacent likely.”

However, CFB claimed that the takeover of the privacy-focused web was designed to hole it against aboriginal attacks of specified nature.

According to him:

“The Monero squad is polishing details of their 51% onslaught protection. Many accused america of being sponsored by 3-letter agencies to onslaught this anon coin. What bash you deliberation now, aft we has helped Monero to hole for its aboriginal fights against those agencies.”

Following the news, Monero’s XMR token fell by much than 13% to $247 arsenic of property time, according to CryptoSlate’s data.

How Qubic gained power of Monero

Qubic’s strategy revolved astir an incentive-driven “pay-to-switch” mining campaign.

By offering importantly higher payouts than regular Monero mining pools, the Monero mining excavation attracted capable participants to surpass the 51% threshold.

Data from Chaos Labs shows Monero’s hash complaint climbing to 3.01 GH/s arsenic miners chased rewards of $3.13 per time compared to $0.64 from modular pools. Over the past 30 days, Qubic’s enactment contributed to a 28% driblet successful XMR’s price, portion QUBIC tokens surged 57%.

Impact of Qubic’s Attack connected Monero’s Price (Source: Chaos Labs)

Meanwhile, Qubic’s exemplary besides involves distributing fractional its mining profits to participating miners and utilizing the different fractional to acquisition and pain QUBIC tokens.

So, if the task mines 100% of Monero’s regular blocks, it yields astir 432 XMR, worthy astir $118,000 astatine existent prices, with $59,000 burned daily.

The station Monero deed by captious 51% onslaught arsenic Qubic gains power of network appeared archetypal connected CryptoSlate.