Crypto Exchange Kraken temporarily suspends Monero (XMR) deposits due to a 51% attack on a privacy-focused blockchain that undermines network security.
If one mining pool controls more than 50% of the total hash power of a blockchain network, a 51% attack occurs, allowing you to double the transaction in your ledger and reorder. Kraken Exchange wrote on Friday:
“As a security precaution, we suspended the Monero deposits after detecting that a single mining pool had acquired more than 50% of the total hash power of the network. This concentration of mining force poses a potential risk to the integrity of the network.”
Layer-1 AI-centric blockchain and mining pool, Qubic claimed on Monday it controlled most of Monero’s hashrate, reorganising six blocks, and urged the attacks to be denied from the Monero community.
According to CoinmarketCap, Monero is a major privacy ingestion protocol and is the 29th largest code by market capitalization. A continuous 51% attack on the network sent shockwaves through the Monero community, causing waves of response.
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Single mining pool is intended for network control
“After a month of high-stakes technical conflict, Qubic has reached 51% of Monero’s hashrate advantage and has successfully reorganized the blockchain.”
The mining pool was initially rejected for a takeover attempt and fell to the protocol’s seventh largest miner, and was attacked on August 4th by a suspected denial of service attack.
A Denial of Service (DDOS) attack prevents your computer, network, or server from having fake incoming traffic, clogging your system and generating real traffic.
According to Sergei Ivancegro, an individual who claimed liability for the attack of 51%, the DDOS attack on QUBIC caused the mining pool’s hash rate to drop sharply from 2.6 Gigahash (GH/s) to just 0.8 GH/s.
However, the Qubic pool recovered the hash power and ultimately controlled most of the computing power on the Monero network.
“This event marks a pivotal moment in the crypto industry,” continued Qubic spokesmos, highlighting the acquisition of $6 billion in privacy protocols through a $300 million AI protocol.
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