Monero Network Targeted by Controversial Mining Takeover Attempt
Privacy coin Monero (XMR) is under pressure following an alleged “economic attack” launched by Qubic, a mining pool operated by IOTA co-founder Sergey Ivancheglo. The incident has sparked widespread concern about hashrate centralization and censorship risks, prompting swift backlash from the Monero community.
Ivancheglo confirmed Qubic’s strategy of monopolizing Monero’s mining network to enforce dominance and reject outside blocks.
Qubic’s Strategy: Real-World Mining for Ecosystem Gains
Qubic revealed on June 30 that it had been incentivizing Monero CPU mining, redirecting the mined XMR to fund buybacks and token burns within the Qubic ecosystem. In essence, Monero was being used to fuel another project’s token economy, raising ethical and structural concerns.
“QUBIC miners now perform real-world tasks that generate real value,” Qubic claimed, emphasizing its economic motives.
Ivancheglo boldly stated that once Qubic controls the majority of XMR hashrate, it will reject blocks from other pools, making mining profitable only through Qubic.
Monero Community Responds: Qubic Hashrate Crashes
The community acted quickly. After discovering Qubic’s intentions, miners and users coordinated to shift hashpower, causing Qubic to fall from the top to the 7th spot in pool rankings, according to MiningPoolStats.
I, like the #Monero community, am trying to find a countermeasure to #Qubic's 51% domination. This is very important to the #cryptocurrency industry because one day we all may face a non-benevolent attack. To spread awareness, first among $XMR holders and then among all the…
This shows Monero’s decentralization ethos is alive and working.
Ivancheglo later announced that Qubic will stop reporting its hashrate, entering what he calls the “covert phase” of the operation. This adds opacity to the situation, making it harder to monitor threats.
Security Analysts Warn: Centralization Is a Risk, Not Just Intent
Analysts like Dan Dadybayo of Unstoppable Wallet explained that with over 51% hashrate, Qubic could:
Orphan competitor blocks
Delay transactions
Enforce censorship
Push protocol changes
“This is no longer about exploits. It’s about capital,” Dadybayo stated, warning that financial power has become a new vector for attacks.
Conclusion: A Wake-Up Call for Anoncoins and PoW Networks
The Qubic-Monero situation demonstrates how financial incentives can challenge the security of decentralized networks. While the community appears to have curbed the immediate danger, the episode serves as a reminder:
Even privacy-focused coins like Monero are not immune to the risks of centralization and economic coercion.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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