Quibic Attack on Monero- The 51% Attack Threatens Total Takeover

• Quibic mining pool completed a 50% attack on Monero

• Quibic can now rewrite the blockchain, enable double-spending, and censor any transaction.

Monero has suffered a significant security issue with Quibic mining, reportedly conducting a 51% attack on the network. The Quibic mining attack on Menero is a significant incident, as Monero is considered relevant. Monero's security capabilities, especially in terms of privacy, have led to it being banned on major exchanges and in certain countries. 

What's Quibic Attack on Monero?

According to Charles Guillemet. Monero appeared to be in the midst of a successful 51% attack. The Qubic mining pool has been amassing hashrate for months and now controls a majority of the network.

After having significant control over the network, on-chain trackers uncovered a major chain reorganisation. After the dominance on the network, Qubic can rewrite the blockchain, enable double-spending, and censor any transaction.

However, Quibic Attack on Monero has been perceived as extremely expensive to sustain, and Guillemet estimated $75 million per day in operational costs. Therefore, although the attack and control are lucrative, they threaten to destroy confidence in the network almost overnight. This is because other miners are left with no incentive to continue. As such, Qubic can orphan any competing blocks, effectively becoming the What'sner.

What's even more shocking and concerning for market and network players is that Quibic is only valued at $ 300 million, yet it's taking over Monero, valued at $5 billion. The Quibic attack on Moner has left on-chain lookers worried that Monero's options for recovery are limited, and a complete takeover is now possible and even likely.

What the Crypto Community is saying about the incident 

The Quibic attack on Monero has sparked widespread debate across the cryptocurrency community, with various players expressing differing opinions. One of them is COS, the founder of the Slowmist team, who observed that after the incident, the Qubic mining pool can now rewrite the blockchain, achieve double-spending, and censor any transaction. 

In their analysis, the SlowMist team observed that the Qubic mining pool used economic incentive game theory to complete this 51% attack verification on Monero. According to COS, the start was not malicious. 

Despite the report of the attack, the community has several doubts about whether it was truly a 51% attack in its full extent, but there's no doubt about the reorganisation of blocks (like 6 of them). The Qubit mining pool claims it controlled 51% of the hash power, but many in the community think it was at most around 33%. 

For example, one Twitter user said that, 

"the key point here is that this is not an attack, but an experiment. $QUBIC could have destroyed the network and taken total control, instead, on multiple occasions it allowed Monero time to counter-measure."

Following the incident, Slowmist warned other networks to remain vigilant to avoid such a fate, especially from a malicious mining pool. 

Did it affect XMR?

Following the report of the Quibic attack on Monero, its native token XMR has seen a significant drop in its price charts. The altcoin declined from $278 to a low of $243, resulting in more than 12% in losses.

Source: Tradingview

This is because traders panicked and sold, causing massive downward pressure on the price. If sellers exit positions in fear, we could see more losses, and XMR could dip to $225.