The Qubic Community’s Controversial Move
The Qubic community, known for its AI-driven blockchain initiatives, has recently made headlines following a controversial event where they executed a 51% attack on Monero, a prominent privacy-focused cryptocurrency. This unprecedented takeover allowed them to dominate the network’s computing power, which has sparked widespread concern within the crypto ecosystem regarding the vulnerabilities of proof-of-work protocols.
Targeting New Blockchains
Following this bold maneuver, Sergey Ivancheglo, the operating force behind Qubic, reached out to community members for input on their next target. This time, they considered several ASIC-enabled blockchains for their next 51% attack—including Dogecoin (DOGE), Kaspa, and Zcash. Ivancheglo, using his online identity Come-from-Beyond, recently shared the results on social media, confirming that Dogecoin emerged as the preferred choice for their next objective, amassing over 300 votes—outpacing the total of all other contenders combined.
Impact on Monero and Market Reactions
With a market capitalization exceeding $35 billion, Dogecoin is positioned as a major player in the cryptocurrency space. The successful attack on Monero took many within the industry by surprise, as Qubic asserted control over the network and reorganized six blocks amidst a month-long struggle with existing Monero miners for dominating hashrate. Currently, Qubic’s mining pool boasts a hashrate of roughly 2.32 gigahashes per second, reflecting its significant influence on Monero.
In subsequent communications, the Qubic team assured the community that Monero’s core functionalities—including its privacy features and transaction speed—remained intact despite the aggressive takeover. They emphasized their ultimate ambition to secure Monero’s protocol using Qubic miners.
Exchange Response and Future Implications
In response to the sudden shift in control, cryptocurrency exchange Kraken acted swiftly, temporarily halting Monero deposits due to perceived risks to network integrity. Although this suspension is in effect, they have assured users that trading and withdrawals of XMR (Monero) will continue, with deposits set to resume once they assess the situation to be stable and secure.
As the Qubic community sets its sights on Dogecoin, the implications for other cryptocurrencies remain uncertain, stirring discussions around the security and stability of proof-of-work systems in a rapidly evolving digital landscape.
