Kraken Suspends Monero Deposits Amid Ongoing 51% Attack
- Kraken has paused Monero (XMR) deposits due to a detected takeover of over 50% of the network’s hashing power.
- The mining pool Qubic claimed control of Monero’s hashrate and successfully reorganized six blocks.
- This event marks a significant shift, as Qubic transitioned from being the seventh-largest miner to the leading mining pool for Monero.
- The DDoS attack previously reduced Qubic’s hashrate from approximately 2.6 GH/s to 0.8 GH/s, but it later recovered.
- Monero is currently ranked as the 29th largest cryptocurrency by market capitalization, valued at around $6 billion.
The ongoing situation poses risks to the integrity of the mining network and raises concerns within the Monero community about security vulnerabilities following this significant concentration of power.
Kraken’s suspension of XMR deposits highlights critical security challenges in blockchain networks, especially as Qubic now controls a majority of Monero’s computing power.(Source)
