Monero Crashes Amid 51% Attack Fears and Qubic Hashtag Control.

Monero's price has crashed nearly 25% in the last month, with a 7% drop in the last 24 hours. The decline is attributed to Qubic, a rival blockchain project, accumulating Monero mining power and potentially gaining control of the Monero network. This has led to heavy price increases for Qubic and corresponding price crashes for Monero. Trading volume surged as investors rushed for the exits, erasing gains built up during the summer rally.

Monero's (XMR) price has experienced a significant decline, dropping nearly 25% in the last month and a further 7% in the last 24 hours. This downturn is primarily attributed to Qubic, a rival blockchain project, which has been steadily accumulating Monero mining power. The increasing hashrate of Qubic has raised concerns about potential control over the Monero network, leading to a heavy price increase for Qubic and a corresponding crash for Monero.

Qubic, led by former IOTA co-founder Sergey Ivancheglo, claims to have secured more than 51% of Monero's global hashrate. This milestone, if true, grants Qubic the ability to reorganize blocks, censor transactions, and attempt double-spends on the privacy-focused blockchain [2]. The project's "useful proof-of-work" model repurposes Monero mining rewards by converting XMR into USDT stablecoins to buy and burn QUBIC tokens, creating a deflationary mechanism for its own token economy [3].

The growing influence of Qubic has sparked debate among developers and security experts. Ledger's CTO, Charles Guillemet, warned on X that Monero appears to be in the midst of a successful 51% attack, citing signs of a major chain reorganization [2]. Meanwhile, other industry experts, such as SlowMist founder Yu Xian, have questioned Qubic's economic model and claims [2].

The price drop for Monero is a stark reflection of the uncertainty and fear among investors. Trading volume surged as Monero investors rushed for the exits, breaking through multiple support levels that had been held for months. At its current price, Monero has erased gains built up during the summer rally and is at its lowest levels since May, representing one of the most severe single-day drops in 2025 [3].

The core of Monero's crisis lies in the unprecedented situation where a rival chain is effectively in control of the Monero network. A 51% attack can render a blockchain useless by allowing an entity to manipulate it, which would be particularly devastating for Monero's reputation of providing untraceable transactions and robust privacy protections [3].

This event serves as a wake-up call for the entire crypto industry, challenging long-held assumptions about blockchain security and highlighting the importance of economic incentives in decentralized networks [1]. As Qubic continues to gain influence, Monero's community and investors must closely monitor the situation to understand the true extent of the threat and potential implications for the privacy-focused cryptocurrency.

References:
[1] https://www.globenewswire.com/news-release/2025/08/12/3132053/0/en/Qubic-Overtakes-Monero-s-Hash-Rate-in-Live-51-Takeover-Demo-Showcasing-Real-World-Power-of-Useful-Proof-of-Work.html
[2] https://www.coindesk.com/business/2025/08/12/qubic-claims-majority-control-of-monero-hashrate-raising-51-attack-fears
[3] https://decrypt.co/334814/monero-xmr-price-51-attack-whats-next