A significant 51% attack on the Monero network, orchestrated by the Qubic mining pool, has led to crypto exchange Kraken halting XMR deposits. This disruptive event underscores vulnerabilities in cryptocurrency privacy networks and highlights the need for strengthened security measures. The incident, which occurred on August 12, 2025, saw Qubic gain control of a majority of Monero’s hash rate, enabling them to rewrite the blockchain and potentially execute double-spending. Kraken cited concerns over network integrity as the reason behind the deposit suspension. Experts warn of the attack’s potential impact on Monero’s price and its future security landscape, urging for greater decentralization within privacy coin networks. This event underscores the importance of decentralization as a defense mechanism against such attacks.