Kraken pauses Monero deposits post-51% attack by Qubic mining pool, monitoring for safety.
- Kraken pauses Monero deposits following a 51% attack by Qubic.
- Event highlights potential vulnerabilities in PoW systems.
- Monero exchange flow affected; trading and withdrawals continue.
Kraken, a major cryptocurrency exchange, paused Monero (XMR) deposits after the Qubic mining pool executed a 51% attack on Monero’s network, affecting blockchain integrity.
This incident raises concerns about the security of privacy-centric cryptocurrencies and highlights the potential vulnerabilities of medium-scale Proof-of-Work blockchains.
Kraken, a major crypto exchange, temporarily ceased Monero deposits after a 51% attack by Qubic mining pool, disrupting the network’s security.
This incident highlights vulnerabilities in Monero’s network, underlining the potential risks to its integrity and causing heightened scrutiny of privacy-centered cryptocurrencies.
Qubic Mining Pool Executes Monero 51% Attack
“As a security precaution, we have paused Monero (XMR) deposits after detecting that a single mining pool has gained more than 50% of the network’s total hashing power. This concentration of mining power poses a potential risk to network integrity. We are actively monitoring the situation and will resume deposits once we determine it is safe to do so. Trading and withdrawals for XMR remain fully operational.”
Community Concerns Over Centralization Rise
Privacy coin scrutiny in the market may increase as security dynamics are questioned. Institutional responses are mostly absent; focus remains on Monero’s robustness.
51% Attack Exposes PoW Security Flaws
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