Dogecoin News Today: Qubic Shifts Focus to Dogecoin Following Monero 51% Attack

Qubic, a blockchain project known for its artificial intelligence-driven mining activities, has shifted its focus to Dogecoin after successfully executing a 51% attack on Monero, a privacy-focused cryptocurrency. The Qubic community voted overwhelmingly to target Dogecoin, choosing it over Kaspa and Zcash as the next network to potentially manipulate using concentrated hashrate power [1]. Sergey Ivancheglo, the founder of Qubic and known online as Come-from-Beyond, announced the options on X, where Dogecoin received over 300 votes—more than the other two options combined [1]. This move signals a broader concern over the vulnerability of proof-of-work blockchains to 51% attacks, especially when mining power becomes concentrated in a single entity or group.

The 51% attack on Monero, which involved reorganizing six blocks on its network, demonstrated how even well-established proof-of-work systems can be compromised when mining pools gain significant computational control. Qubic’s mining pool reportedly had a hashrate of 2.32 gigahashes per second, a level of dominance sufficient to carry out the attack [1]. The attack did not affect Monero’s core functionality or privacy features but raised urgent questions about network security and the sustainability of decentralized mining models [1]. In response to the incident, crypto exchange Kraken temporarily halted Monero deposits, citing risks to network integrity, although trading and withdrawals remained unaffected [1]. The exchange stated it would resume deposit functionality once it determined the network to be stable again [1].

The decision to target Dogecoin, which has a $33 billion market cap and significant mainstream appeal, increases the stakes of the debate. Unlike Monero, Dogecoin is a meme coin with widespread cultural visibility, backed by celebrity endorsements and mass adoption. If Qubic proceeds with a 51% attack on Dogecoin, it could challenge public perception of blockchain security and raise concerns about the resilience of major proof-of-work networks [1]. The implications could extend beyond Dogecoin, influencing how investors and developers view the security and decentralization of other large-cap proof-of-work cryptocurrencies.

Meanwhile, the U.S. Department of Justice has continued its efforts to expand its cryptocurrency holdings by seizing assets from criminal operations. In a recent action, the DOJ seized $2.8 million in cryptocurrency and other assets from Ianis Aleksandrovich Antropenko, an alleged ransomware operator [1]. The funds were linked to ransomware schemes and had been laundered through platforms like ChipMixer, a crypto mixing service shut down in 2023. In addition to the digital assets, authorities also seized $70,000 in cash and a luxury vehicle. Antropenko faces charges including computer fraud and conspiracy to commit money laundering [1].

This seizure aligns with broader U.S. efforts to build a national crypto stockpile following President Donald Trump’s executive order in March. Earlier in the week, the DOJ also confirmed the confiscation of approximately $1 million from the ransomware group BlackSuit and revealed an ongoing effort to claim $2.4 million in Bitcoin seized by the Dallas FBI in April [1]. As of now, the U.S. government holds roughly 198,012 BTC, valued at over $23 billion at current prices, primarily sourced from criminal asset seizures. Treasury Secretary Scott Bessent has stated that while the government is not planning to purchase Bitcoin outright, it is exploring budget-neutral strategies to increase its holdings [1].

The convergence of Qubic’s actions and government enforcement highlights the ongoing tension between blockchain security, decentralization, and regulatory intervention in the cryptocurrency space. As proof-of-work networks face increasing scrutiny over their vulnerability to hashrate concentration, the broader industry must grapple with the implications for long-term trust and adoption.

Source: [1] Qubic Targets Dogecoin After Monero 51% Attack (https://coinpaper.com/10548/qubic-targets-dogecoin-after-monero-51-attack)