Cryptocurrency exchange Kraken has paused deposits of the privacy coin Monero (XMR) after a 51% attack on the blockchain network, driven by concerns over security vulnerabilities. The incident affected Monero’s price briefly before recovering, prompting wider discussions about centralization risks in the privacy coin space. The attack involved the Qubic mining pool, led by IOTA co-founder Sergey Ivancheglo, temporarily controlling a majority of Monero’s hashing power. This action prompted Kraken to halt Monero deposits for security purposes. 51% attacks can undermine trust and pose potential risks to market stability and future blockchain governance, highlighting vulnerabilities in the network’s security infrastructure.