Monero Suffers 51% Hashrate Attack by Qubic

• Qubic gained majority hashrate control over Monero.
• Kraken suspended XMR deposits after chain disruptions.
• Qubic now plans to target Dogecoin next.

In mid-August, the privacy-focused cryptocurrency Monero (XMR) was rocked by a 51% hashrate attack. The group behind the attack, Qubic, is led by Sergey Ivancheglo — a former co-founder of IOTA. Qubic cleverly manipulated Monero’s mining ecosystem by offering incentives through its token model. This resulted in the group accumulating a majority of Monero’s mining power, giving them significant influence over the network.

With this control, Qubic initiated a series of deep chain reorganizations, disrupting the consensus mechanism that Monero relies on for security and decentralization. The situation quickly escalated, drawing the attention of major crypto platforms.

Kraken Suspends Deposits Amid Chain Chaos

As the Monero blockchain became increasingly unstable, major exchange Kraken took swift action by suspending all XMR deposits. This move was seen as a protective measure for its users, preventing any losses due to potential double-spending or other exploits made possible by the 51% control.

The Monero community responded strongly, rallying to rebalance the network’s hash power and defend against further interference. Their efforts proved effective, gradually restoring trust and stability to the blockchain.

Qubic Shifts Focus to Dogecoin

Despite the pushback, Qubic hasn’t stepped back. In fact, they’ve already voted internally to make Dogecoin (DOGE) their next mining target. While Dogecoin has a very different mining structure compared to Monero, the warning signs are clear — any network without sufficient decentralization is vulnerable.

This event has reignited debates around blockchain security, particularly the risks tied to smaller or mid-sized Proof-of-Work networks where hashrate centralization remains a threat.

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