Qubic Secures Over 51% of Monero’s Global Hashrate
Qubic, led by former IOTA co-founder Sergey Ivancheglo, claims to have secured over 51% of Monero’s global hashrate. This could allow it to reorganize blocks, censor transactions, and attempt double-spends on the blockchain.
Key points include:
- Framed as a stress test for future network threats.
- A 51% attack enables control over a proof-of-work network's majority hashrate.
- Previous incidents occurred with Ethereum Classic and Bitcoin Gold, causing significant losses.
- Monero uses the CPU-friendly RandomX algorithm to resist ASIC centralization.
- Qubic's model converts XMR into USDT for buying and burning QUBIC tokens, affecting its ecosystem.
- From mid-May to late July, Qubic's share increased from under 2% to over 25%.
- Concerns raised by Ledger CTO and other experts about signs of a chain reorganization.
- XMR price dropped by 6.65% in the last 24 hours, adding to a 16% decline over the past week.