Monero Price Falls 8.6% Amid Suspected 51% Attack by Qubic Mining Pool

Monero (XMR) has experienced significant price volatility, dropping over 8.6% in a 24-hour period to below $247, as concerns mount over a potential successful 51% attack on the network by the Qubic mining pool. According to the Monero Consensus Status dashboard, the network witnessed 60 orphaned blocks in the last 720 blocks, indicating a disruption in its blockchain integrity. Qubic, a separate blockchain network, has openly engaged in selfish mining, redirecting computational power to mine Monero and selling the proceeds to buy and burn Qubic tokens, all while being compensated in QUBIC. This economic model reportedly allows Qubic miners to earn more than Monero miners, raising questions about the sustainability and ethics of such an approach [1].

Qubic’s founder, Sergey Ivancheglo, claimed in an X post that “Qubic has achieved 51% over Monero,” and the team is “waiting for independent confirmations.” The co-founder of crypto cybersecurity firm SlowMist, Zhong Chenming, stated on the same platform that the 51% attack on Monero appears to have succeeded, although he noted the high cost involved and the unclear economic benefits of the maneuver [2]. A 51% attack occurs when a single entity controls more than half of a blockchain’s mining power, enabling manipulation of transactions, double-spending, and transaction censorship [3].

However, not all observers agree on the success of the attack. Monero’s total hashrate is estimated at 5 GH/s by CoinWarz, while Qubic claims a peak of 3.01 GH/s and a current hashrate of 2.08 GH/s. These figures fall short of the 51% threshold, according to unverified data. Additionally, the Monero Consensus Status indicates that nearly 30% of the recent blocks were mined by unknown pools, including Qubic, suggesting possible temporary hashrate dominance rather than a sustained 51% attack [4].

Luke Parker, a lead developer at SeraiDEX, highlighted the complexity of interpreting the situation. He noted that a six-block-deep network reorganization does not necessarily confirm a successful 51% attack, but rather indicates that an entity with a high hashrate “got lucky.” Parker emphasized that orphaned blocks can occur through selfish mining with a significant but not majority hashrate [5].

The conflict between Qubic and Monero has escalated into an ongoing “hack war,” with both sides deploying countermeasures. Ivancheglo has accused Monero developers of disrupting Qubic’s mining system, while Monero’s XMRig developer, Sergei Chernykh, denies allegations of a DDoS attack on Qubic’s pool. The initial phase of this economic attack began in late July, with Qubic using financial incentives to lure miners away from Monero’s network [6].

Legal experts have weighed in on the implications of the attack. Niko Demchuk, head of legal at AMLBot, suggested that Qubic’s actions could be classified as “computer sabotage” under Belarusian and EU laws, although no statute explicitly addresses 51% attacks. If blockchain manipulation disrupts protected systems, Belarusian cybercrime laws might apply [7].

Monero’s community remains divided over the actual impact of the attack. While some analysts believe the network is under a successful 51% attack, others argue that the evidence is inconclusive. The recent price decline underscores the market’s sensitivity to such events, but long-term implications for Monero’s security and adoption remain uncertain.

Source: [1] Monero price dips as Qubic likely succeeds in 51% attack (https://cointelegraph.com/news/monero-qubic-selfish-mining-51-percent-attack)

[2] 51% Attack on Monero Succeeds, Qubic Mining Pool Can ... (https://www.bitget.com/news/detail/12560604907725)

[3] Double-spending risk alarms raised as community detects ... (https://www.mitrade.com/insights/news/live-news/article-3-1032526-20250812)

[4] Monero appears to be in the midst of a successful 51 ... (https://www.reddit.com/r/CryptoCurrency/comments/1mo6jwx/monero_appears_to_be_in_the_midst_of_a_successful/)

[5] Monero Price Dips Over 8.6% Amid 51% Attack Fears (https://www.ainvest.com/news/monero-price-dips-8-6-51-attack-fears-2508)

[6] Latest news on cryptocurrency, blockchain and finances. (https://cointelegraph.com/category/latest-news)

[7] Bitcoin Bull Run Surpasses 1000 Days, with $118K Gap ... (https://coincu.com/analysis/bitcoin-bull-run-surpasses-1000-days-with-118k-gap-fill-in-sight/)