Cryptocurrency exchange BitMEX has flagged potential risks to the Monero (XMR) network following research that suggests a mining group called Qubic may control over 30% of its hash rate. This manipulation, likely driven by selfish mining to increase block rewards, raises alarm bells for analysts concerned about a potential price drop. The team at BitMEX Research revealed Qubic’s aggressive control, which initially held around 20%, but has surged beyond 30% through hashrate leasing. While not yet reaching the 51% threshold required for complete network dominance, if this threshold is breached, selfish mining profits could be incentivized. Further complicating the situation, Qubic’s own token (QUBIC) appears linked to these activities, raising questions about its ultimate intentions. Notably, Qubic has claimed control exceeding 51% of the Monero network, a claim that BitMEX remains skeptical of. However, if successful in its goal, a complete takeover could lead to plummeting Monero values and pose serious risks for exchanges handling this altcoin. To mitigate potential losses, BitMEX advises exchanges to increase deposit confirmation requirements. Please note: This is not financial advice.