Qubic Group Targets Dogecoin After Gaining Control of Monero Network

Qubic's mining group has targeted Dogecoin after claiming to have gained majority control over Monero’s network. The group reorganized six blocks on Monero and held a community vote on August 17, with Dogecoin receiving over 300 votes, surpassing Zcash and Kaspa.

Key Points

Qubic asserts its Monero pool achieved a 51% share, operating at approximately 2.3 GH/s of Monero hashrate.
The group describes its actions as "stress tests" aimed at demonstrating their mining model while using profits to buy and burn QUBIC tokens.
Debate exists within the Monero community regarding the legitimacy of Qubic's claims about sustained control.
Kraken suspended Monero deposits while assessing risks stemming from these actions.
A 51% attack can allow for block reorganization and transaction halting, posing significant risks to any targeted network.
Should similar control be applied to Dogecoin, potential impacts could be greater due to its market cap exceeding $35 billion.
Dogecoin benefits from merged-mining with Litecoin, meaning an attack would be costlier.
Market reactions included price movements and tightened checks by custodial services.
Lack of clarity remains regarding Qubic's timeline for any action against Dogecoin.

Observers are paying attention to technical logs, statements from Qubic, and responses from developers of Dogecoin and Litecoin, amid questions about the non-destructive nature of Qubic's tests and the duration of control held.