The Monero (XMR) Network Faces Serious Security Concern
The Monero (XMR) network suffered a serious security concern last week when a mining pool took over 50% of the network’s total processing power (hashrate). The incident led cryptocurrency exchange Kraken to temporarily halt XMR investments.
Kraken said in a statement, “We have detected a mining pool controlling more than 50% of the total processing power of the Monero network. This poses a potential risk to the integrity of the network. Trading will be reopened once we are confident it is secure.” The exchange noted that XMR trading and withdrawals are continuing as normal.
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At the center of the incident is the Qubic mining pool, which is affiliated with IOTA co-founder Sergey Ivancheglo. Qubic briefly surpassed the 51% hashrate threshold on the Monero network, threatening its decentralized nature. However, the pool’s share of the network has since declined to 35%, according to MiningPoolStats.
This development has reignited discussions about decentralization and security within the Monero community. Experts believe 51% attacks remain one of the most critical vulnerabilities in blockchain networks, and are particularly relevant for networks like privacy-focused Monero.
*This is not investment advice.