12.08.2025 17:55
A significant event has shaken the Monero (XMR) cryptocurrency network: a 51% attack orchestrated by the Qubic mining pool. This attack, which grants Qubic control over a majority of Monero's network hash rate, has resulted in a 17% price crash for XMR. The implications are severe, potentially allowing Qubic to manipulate the blockchain's history, reverse transactions, and even execute double-spending attacks.
This 51% attack is made possible by Qubic's acquisition of over half the network's computational power, a feat achieved within Monero's RandomX proof-of-work (PoW) system, which is specifically designed for CPU mining. The consequences are far-reaching, as confirmed by Ledger's CTO, Charles Guillemet, who has observed a major chain reorganization, a clear indicator of Qubic's success in manipulating the blockchain. This control gives Qubic the ability to censor legitimate transactions, creating significant risks for Monero users.
However, maintaining this control comes at a substantial cost. Estimates place the daily expenditure for Qubic at a staggering $75 million. This astronomical figure prompts questions regarding the attack's long-term economic viability. Yu Xian, founder of SlowMist, a prominent on-chain security firm, highlights the uncertainty surrounding the financial benefits of such a costly endeavor, particularly given the considerable daily expense. The high cost suggests the attack may be more of a demonstrative act, intended to expose potential weaknesses in Monero's security architecture and pressure the community into addressing these vulnerabilities.
The attack's impact extends beyond technical concerns; the 17% price drop highlights the significant market repercussions. While the long-term effects on the Monero network and its community remain to be seen, the incident serves as a stark reminder of the inherent risks associated with cryptocurrency networks and the importance of robust security protocols. The community's response and the evolution of Monero's security model will be crucial in mitigating future vulnerabilities and restoring confidence in the network.
