Kraken Halts Monero Deposits After 51% Attack Disrupts Network

Crypto exchange Kraken has taken precautionary measures by halting Monero deposits in response to a 51% attack by the Qubic mining pool. This action disrupts the network’s integrity and decentralization, causing market volatility and highlighting potential vulnerabilities in decentralized mining security. 50%+ of hashing power was secured by the Qubic pool, leading to possible chain reorganization, transaction censorship, and impacting Monero’s market position. 13% price drop on the Monero token (XMR) followed the attack. While trading is operational, deposit restrictions remain in place as Kraken monitors the situation.