Qubic's Alleged 51% Attack Disrupts Monero Network Amid 8.6% Price Drop

Monero has been subjected to an alleged 51% attack by Qubic, a mining pool that has openly admitted to engaging in selfish mining strategies, resulting in a significant disruption to the privacy-focused cryptocurrency’s network. According to recent data, 60 blocks were discarded within 24 hours, signaling a severe threat to Monero’s network integrity. The Qubic founder, Sergey Ivancheglo, claimed on X that the mining pool has achieved control over more than 50% of Monero’s hashrate, though independent confirmation remains pending [1].

A 51% attack allows a single entity to manipulate transactions, potentially enabling double-spending or transaction censorship. In the case of Qubic, the mining pool is incentivizing its miners to mine Monero and exchange the proceeds for Qubic tokens, effectively creating a financial motive to undermine Monero’s consensus. This economic strategy has led to a shift in computing power, with some miners reportedly earning more from Qubic than from Monero itself [2].

The attack has sparked widespread concern among the cryptocurrency community, with some experts, such as Zhong Chenming of SlowMist, suggesting that the attack appears to have succeeded. However, skepticism remains about the validity of the 51% claim. Data from Monero’s hashrate estimates by CoinWarz indicates a total hashrate of 5 GH/s, with Qubic reportedly reaching a peak hashrate of 3.01 GH/s, which may not necessarily constitute a majority [3].

Luke Parker, a lead developer at SeraiDEX, has challenged the narrative that a 51% attack has occurred, stating that a six-block reorganization does not equate to a successful attack, but rather reflects a mining pool with significant hashpower getting “lucky.” Parker emphasized that orphaned blocks can also arise from other mining behaviors that fall short of a true 51% takeover [4].

The ongoing conflict between Qubic and Monero has escalated into what some are calling a “hack war.” Qubic has previously accused Monero developers of disrupting its mining operations, including a reported DDoS attack on its mining pool. Monero’s XMRig developer, Sergei Chernykh, has denied these allegations [5].

Niko Demchuk of AMLBot noted that under certain legal frameworks, particularly in Belarus and the European Union, Qubic’s activities might be interpreted as “computer sabotage” or “unauthorized access,” depending on the extent of network disruption. However, there is currently no specific legal definition for 51% attacks, and enforcement remains unclear [6].

Monero’s price has dipped in response to these developments, with the cryptocurrency trading at over $247 as of August 12, 2025, a decline of more than 8.6% from the previous 24-hour period. The attack underscores the vulnerabilities of smaller, privacy-focused blockchains to coordinated economic attacks, particularly when mining rewards are manipulated by external actors [7].

The situation highlights the growing complexity in the cryptocurrency ecosystem, where network security is not only a technical challenge but also a strategic and legal one. As the Monero community seeks to counteract the ongoing attack, the broader implications of such conflicts will likely influence the future of decentralized network governance and defense mechanisms [8].

Source:

[1] (https://en.coinotag.com/qubics-selfish-mining-claims-raise-concerns-over-moneros-network-stability-amid-ongoing-attack/)