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Monero’s privacy-focused blockchain is facing a significant security threat as a single mining pool temporarily seized control of over 50% of its network hash rate. Cryptocurrency exchange Kraken has responded by temporarily halting XMR deposits and increasing confirmation requirements. The attack, orchestrated by Qubic mining pool, was reportedly conducted as an experiment to demonstrate Monero’s vulnerabilities.
- Kraken increased XMR deposit confirmation requirements to 720 blocks and reserves right to halt deposits due to security concerns
- Qubic mining pool conducted the attack as an experiment to demonstrate Monero's security vulnerabilities and promote their own consensus model
- Historical 51% attacks on Ethereum Classic and Bitcoin Gold resulted in combined losses exceeding $24 million between 2018-2020
📎 Related coverage from: cryptopotato.com
Other Tags: Bitcoin Gold, Ethereum Classic