Monero Faces Major 51% Attack Threat, XMR Price Slides to 3-Month Low
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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% AttackAccording 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.
