Monero’s 51% Attack: A Comedy of Errors in the Blockchain Theatre 🎭

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It appears that the Qubic project has audaciously claimed dominion over 51% of the network’s hashrate, prompting some observers to raise their eyebrows and warn that Qubic mining pools possess the rather alarming ability to reorganize the blockchain and, dare I say, block certain transactions. How delightfully villainous! 😈

Alleged 6-Block Chain Reorg Spurs Fears in the Monero Community

On the fateful morn of Aug. 12, 2025, at the ungodly hour of 6 a.m. Eastern time, the Slowmist security team proclaimed that the Monero (XMR) network had been besieged by a 51% attack, resulting in an alleged six-block chain reorganization. Slowmist, in a fit of dramatic flair, noted that, according to a now-deleted X post and “provided blockchain reorganization charts,” Monero had recently experienced a six-block chain reorganization mined by an unknown pool. How mysterious! 🕵️‍♂️

The firm further added that data from the miningpoolstats web portal shows no single pool controlling more than 50% of the network’s hashpower. Yet, the enigmatic Qubic founder Sergey Ivancheglo, affectionately known as “Come-from-Beyond” (CFB), alleged that Qubic had indeed seized control of Monero’s computational power. A tale as old as time! 🎶

“It seems Qubic has achieved 51% over Monero; we are now awaiting independent confirmations,” CFB detailed with a flourish. “In the meantime, the Monero team is polishing the details of their 51% attack protection. How charmingly proactive!” Over the past 24 hours, XMR has plummeted more than 5% against the U.S. dollar and has taken a staggering 14% nosedive for the week. A veritable rollercoaster of emotions! 🎢

Several others weighed in on this melodrama, with Slowmist’s founder offering his take:

“I’ve been following this saga for a while, and this time the 51% attack on Monero seems to have succeeded (thanks to the information from the black handbook group), but the cost was also high, and it’s unclear what the economic benefits of doing this are in the end… In theory, the Qubic mining pool can now rewrite the blockchain, achieve double-spending, and censor any transactions… Relevant platforms should be aware of potential threats and stay vigilant. How delightfully ominous!”

Ledger CTO Charles Guillemet stated, “Monero appears to be in the midst of a successful 51% attack,” adding that “sustaining this attack is estimated to cost $75 million per day. While potentially lucrative, it threatens to destroy confidence in the network almost overnight. A rather expensive hobby, wouldn’t you agree?”

If this farce continues, it could mark one of the most notorious assaults ever against a privacy-focused blockchain, testing the resilience of both Monero’s infrastructure and community. Long-term trust may hinge on whether countermeasures are swiftly implemented and effectively communicated. A delightful cliffhanger! 📖

Additionally, SeraiDEX developer Luke Parker contended that the reorganization does not necessarily mean a 51% attack was fully successful. “A 6 re-org does not mean a ‘51% attack’ was successful,” Parker wrote on X. “In that case, we’d see unbounded-depth re-orgs/no blocks mined by any other mining pool (assuming the adversary censors other mining pools, as this one does).”

Parker added:

“It does mean an adversary with a high amount of hash got lucky. How quaint!”

The incident may also serve as a broader warning to other proof-of-work (PoW) networks, highlighting how concentrated mining power can upend assumptions about decentralization. How Monero responds in the coming days could influence its reputation for years ahead. A most riveting performance awaits! 🎭

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2025-08-12 18:18