Attack Details

Charles Guillemet, CTO of hardware wallet producer Ledger, stated:

“We detected major changes in the Monero chain this morning. Qubic mining pool has been working for months to grow its hashrate capacity. With its current power, Qubic can rewrite the blockchain, perform double spending, and censor any transaction.”

A 51% attack occurs when more than half of a blockchain’s control power is taken over by a single entity. This poses significant security risks, especially for privacy-focused altcoin projects.

What is a 51% Attack?

This attack happens when an entity controls more than 50% of the network’s hash power, enabling them to censor transactions, execute double spends, and rewrite the blockchain’s history. While it’s challenging to carry out on larger networks, smaller ones face higher risk.

Monero (XMR) Price Outlook

Following the attack claims, Monero’s price saw a sharp drop. XMR is currently trading at $251, down -6.11% on the day. From a technical standpoint, slipping below this level could increase selling pressure. However, if news flow stabilizes and network security is restored, a short-term rebound remains possible.

For investors, this incident once again highlights the critical importance of blockchain security. How Monero navigates this crisis will be decisive for both its price performance and the broader trust in privacy-focused crypto projects.

This content is not financial advice. The crypto market is highly volatile, and you should always do your own research before making investment decisions.

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The post Breaking Point in Monero History: Qubic Mining Pool’s Alleged 51% Attack appeared first on Coin Engineer.