A Monero Misadventure: Community in an Uproar Over Qubic’s Bold Move 😱💰

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It is a truth universally acknowledged, that a man in possession of a good fortune must be in want of a cryptocurrency, but perhaps more importantly, must also be in want of controlling said cryptocurrency. Such is the case with the esteemed Mr. Sergey Ivancheglo, the mastermind behind the crypto projects Qubic, NXT, and Iota, who has recently found himself embroiled in a rather unsavoury affair concerning the privacy-focused coin, Monero (XMR).

As the week unfolded, whispers began to circulate through the Monero community, suggesting that the once revered Qubic, a top mining pool, was orchestrating nothing short of a coup d’état against the very network it served. Alas, these whispers were not unfounded, for the pool’s hashrate, once a beacon of strength, began to wane, plummeting until it found itself relegated to the ignominious position of the seventh-largest XMR mining pool, according to the discerning observations of MiningPoolStats.

In a blog post dated June 30, Qubic unveiled its grand scheme, a plan to incentivize Monero CPU mining through its own network, the proceeds of which would be used to fund buybacks and token burns within the Qubic ecosystem. “QUBIC miners now perform real-world tasks (Monero mining) that generate real market value, which in turn strengthens the QUBIC economy,” the post boasted, though one might question the sincerity of such a claim when the true intentions lay elsewhere.

Mr. Ivancheglo, with a candor that bordered on the audacious, openly admitted to his designs on the Monero network. In a recent X post, he detailed his plans to gain control of the majority of the network’s hashrate, thereby allowing Qubic to reject the blocks mined by other pools. This, he surmised, would render XMR mining profitable or even feasible only on the Qubic pool. However, the community’s swift reaction seems to have thwarted this ambitious endeavor, as evidenced by the declining hashrate of the offending party.

The Covert Operation Phase

On Monday, Mr. Ivancheglo announced on X that, beginning the following Wednesday, the Qubic mining pool would cease to report its hashrate—a move previously intended to be enacted upon securing dominion over the network. This decision, he opined, would complicate the task of gauging the extent of Qubic’s control over Monero’s hashrate and assessing the peril it posed to the network’s integrity.

In his post, Mr. Ivancheglo, ever the paradox, claimed to be seeking a countermeasure to the very attack he was orchestrating. “This is important to the cryptocurrency industry because one day we all may face a non-benevolent attack,” he declared, a statement that left many scratching their heads in bewilderment.

The Monero Community’s Displeasure

Mr. Ivancheglo, in another X post, noted with a hint of amusement the discussions regarding his alleged residence in Belarus that had cropped up on the Monero subreddit. “I hope the head bounty won’t be collected in $XMR to avoid creating an incentive to drop its price to 0,” he quipped, a jest that did little to assuage the tensions. A particularly ominous comment emerged, veiled in the guise of a query: “Do we have friends in Belarus?”

“Do we have friends in Belarus?”

Monero, known for its unwavering commitment to privacy and anonymity, has garnered a reputation as the coin of choice for those engaged in less than savory transactions on the deep web. Nearly half of black markets, it is said, accept Monero exclusively, a fact that adds a layer of complexity to the current imbroglio.

Dan Dadybayo, an analyst at Unstoppable Wallet, elucidated the potential ramifications of Qubic’s actions. With 51% of the hashrate, Qubic could orphan blocks, reject transactions, delay confirmations, stifle competition, and even compel protocol changes. Mr. Dadybayo pointed out that Mr. Ivancheglo had already hinted at the possibility of orphaned blocks and the need for transactions to be confirmed 13 times, starting August 2.

While Qubic maintains that it harbors no ill will towards Monero, Mr. Dadybayo countered that intentions are of little consequence. “Centralization equals risk, and the potential for censorship is detrimental to the network,” he asserted. “Incentives are the new attack vector,” he concluded, a sentiment that resonates deeply within the crypto community, where trust and decentralization reign supreme.

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2025-07-28 16:00