A 51% hashrate attack against the privacy-focused cryptocurrency Monero (XMR) was executed by Qubic, a group led by former IOTA co-founder Sergey Ivancheglo. This attack was orchestrated through Qubic’s token model, granting them control over the network and disrupting its security. Following this disruption, major exchange Kraken temporarily suspended XMR deposits in order to protect users from potential exploitation, as the unstable blockchain posed a risk of double spending or other fraudulent activities. 51% control is a severe threat to the decentralization of the network, forcing Monero’s community to mobilize and work to restore its integrity. Qubic has announced they are now targeting Dogecoin for their next attack, illustrating that vulnerability to centralized attacks remains a significant concern in the cryptocurrency landscape.