Kraken has temporarily suspended Monero (XMR) deposits following a reported 51% attack by the Qubic mining pool, which gained control of over half of Monero’s network hashing power. This action stems from concerns regarding the attack’s impact on the security and integrity of the cryptocurrency network. The incident led to the orphaning of approximately 60 blocks and a subsequent dip in XMR prices by nearly 14%. Kraken’s CEO, Jesse Powell, explained the decision: ‘As a security precaution, we have paused Monero (XMR) deposits after detecting that a single mining pool has gained more than 50% of the network’s total hashing power. This concentration of mining power poses a potential risk to network integrity.’ Trading and withdrawals for XMR remain unaffected, but Kraken will only resume deposits when it is certain the network’s security is restored. This incident raises concerns about the vulnerability of crypto networks and highlights the need for decentralized protocols and enhanced security measures. 51% attacks have historically led to improvements in blockchain security, as seen with Ethereum Classic and Bitcoin Cash. As a result, the cryptocurrency market reacted with a significant price drop in XMR’s value, emphasizing its sensitivity to security breaches. The crypto community demands transparency from Monero developers who have yet to respond publicly. Qubic’s control of the network demonstrates potential weaknesses in blockchain security. Visit CryptoSlate for further insights.