Monero Network Under Threat as Qubic Mining Pool Hits 51%

Last week, the Monero (XMR) network experienced a concerning security incident. A mining pool associated with IOTA co-founder Sergey Ivancheglo, known as Qubic, controlled over 50% of the network’s hashing power, posing a threat to its decentralized nature. This activity led cryptocurrency exchange Kraken to temporarily suspend XMR investments, stating that they needed to ensure the network’s security before resuming trading. While XMR trading and withdrawals remain unaffected, the incident highlights the vulnerability of cryptocurrencies like Monero to 51% attacks.