Kraken Struggles With Monero (XMR) Privacy Coin Drama Amid 51% Attack Crisis

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Well, look who’s in trouble now. Kraken, the US crypto exchange that usually has its act together, is waving a big, red flag at Monero (XMR) holders. Apparently, someone decided that Monero’s privacy should be… well, *less* private, and now Kraken’s warning that the coin could be facing a serious halt on deposits any minute. Cue the ominous music 🎶.

In a not-so-friendly update, Kraken has re-enabled XMR deposits after suspending them back on August 15th. Why, you ask? Oh, just a small issue: A mining pool, one *very* ambitious mining pool, had grabbed over 51% of XMR’s hashing power. Classic bad guy move, right?

“This concentration of mining power poses a potential risk to network integrity.” – Yes, Kraken, we get it. So much power in one place is about as stable as a house of cards in a windstorm. Not exactly the “decentralized” vibe Monero was going for, but sure, let’s keep an eye on this, shall we?

For now, Kraken’s being extra cautious and will keep an eagle eye on things, providing updates as they trickle in. Because who doesn’t love the feeling of waiting for the next plot twist?

Now, let’s break this down a little further. A 51% attack isn’t some drama you read about in a soap opera; it’s when one miner (or a group of them, looking at you, Qubic) takes control of more than half the blockchain’s hash rate. With this kind of control, they can mess with the network, and we all know how that story ends-spoiler alert: it’s not pretty.

Speaking of Qubic, last week they dropped a statement about this whole mess. After what they called “a month-long, high-stakes technical confrontation” (sounds intense, huh?), they proudly declared that they had successfully taken over the Monero network. No big deal, just world domination in the world of crypto.

“With the takeover test now complete, the Monero network’s core functionality remains intact. Its privacy, speed, and usability have not been compromised. However, the end goal is for the Monero protocol’s security to be provided by Qubic’s miners. This way, the rewards would be funneled through Qubic’s pools, bringing higher profitability and creating a new, higher incentive landscape for Monero miners.” – Because, obviously, all roads lead to more profits, right?💸

Qubic, with a cool $372 million market cap and ranked a modest 230th, has now claimed victory over the $6 billion Monero privacy giant. No sweat. 🙄

“The implications of this event will resonate throughout the crypto industry, providing a blueprint for future interactions between protocols and a stark reminder that in decentralized systems, economic incentives are the ultimate arbiter of power.” – And there it is. Power, money, and miners, oh my.

Monero may be flat this week, despite the whole attack thing. It’s almost like the crypto world is just numb to drama at this point. Let’s see what happens next!

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2025-08-18 16:22