Qubic Targets Dogecoin After Successful Monero 51% Attack

Qubic, led by ex-IOTA co-founder Sergey Ivancheglo, executed a 51% attack on Monero on August 12, 2025, temporarily controlling over half of the network’s hash rate.

This incident highlights vulnerabilities in cryptocurrencies and prompts heightened security measures, affecting Monero’s market value and signaling potential threats to Dogecoin.

Qubic Executes $75 Million Attack on Monero

On August 12th, Qubic led by Sergey Ivancheglo executed a 51% attack on Monero using $75 million. They temporarily controlled 52.72% of the network's hash rate, affecting 6 blocks. Sergey Ivancheglo stated, "Qubic’s actions are intended as a stress test to help the Monero community prepare for future network threats." (Source)

Qubic intends to attack Dogecoin next, raising concerns in the crypto market. Dogecoin's large market cap further amplifies potential implications.

Reactions include Kraken suspending Monero deposits with a 720-block confirmation delay. Developers on GitHub engage in protocol discussions to increase PoW security.

Monero and Dogecoin Face Increased Security Scrutiny

Did you know? Qubic's Monero attack resulted in a 16% drop over the week, echoing past vulnerabilities in Ethereum Classic and Bitcoin Gold during similar attacks.

As of August 27, 2025, Monero trades at $269.20. With a market cap of 4.97 billion USD and 0.05% price increase in 24 hours, market reactions remain tense post-attack.

Coincu research notes potential regulatory changes targeting privacy coins. Historical data suggests increased security measures following PoW vulnerabilities.