Monero 51% attack on-going, details inside

Monero, the most popular privacy focused blockchain is now undergoing 51% attack. The ticker XMR is already banned from most major centralized exchanges.

The Qubic mining pool that has been gaining hashrate from quite sometime now and 51% attack was inevitable. Major chain reorganization was detected earlier today and with majority of hashrate, Qubic mining pool can potential rewrite the blockchain, enable double-spending, and censor any transaction.

Monero miners are left with no incentive but to continue mining with Qubic mining pool can simply orphan any competing blocks, making it the sole miner. In short, a 300 dollar million marketcap bogus chain is taking over a $6B real-deal called Monero.

Oddly, the price of XMR has dropped only 13% but it will cost the chain $75 million every day.

Qubic’s motives remain unclear. Do they intend to seize control of Monero? Launch double-spend attacks? Or simply showcase their computing capabilities? They may be unable to capture consensus outright, but their demonstrated hashrate is enough to execute impactful reorganizations through selfish mining. What’s most alarming is the shadowy nature of Qubic’s motives.

Executing a significant reorg demands huge computational power, theoretically at least 33% of the network to make it profitable. But sustaining the attack and fully controlling the protocol requires 51%.