QUBIC, a project led by former Iota co-founder Sergey Ivancheglo, says it has secured more than 51% of Monero’s global hashrate, a milestone that, if true, gives it the opportunity to reorganize blocks, censor transactions and try double tips at the privacy-focused blockchain.
Ivancheglo framed the move as a stress test to help the Monero community prepare for future network threats, but the message has triggered a sharp debate among developers and security experts.
An attack of 51% occurs when a single unit or coordinated group controls a majority of a proof-of-work network’s hash rate. Ethereum Classic suffered several reorganizations in 2020, resulting in millions of dollars in losses, while Bitcoin Gold was facing similar assaults in 2018 and 2020.
Smaller networks such as Verge have also been targeted, demonstrating how concentrated hashraft can destabilize and the entire cryptocurrency network.
Monero, who uses the CPU-friendly Randomx algorithm, has long proudly withstand Asic-centralization. QUBICS “Useful Proof-of-Work” (Upow) Model recycles Monero Mining Rewards by converting XMR to USDT and then using the proceeds to buy and burn QUBIC -Tokens, a deflation mechanism that acts as a liquidity wash to its own ecosystem.
From mid -May to the end of July, Qubic’s share of the network jumped from less than 2% to over 25%, sometimes topping pool locations.
Ledger CTO Charles Guillemet warned of X that Monero “appears to be in the midst of a successful attack of 51%,” citing signs of a larger chain reorganization, with several other industry experts such as Slowmist -founding Yu Xian expressing their doubts about Qubic’s economy.
Whether the events mark a hostile takeover or just a stress test, the XMR has reacted negatively and dropped by 6.65% in the last 24 hours to put together a decrease of 16% over the past week.
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