Kraken Halts Monero Deposits After Qubic’s 51% Control

The crypto alternate defined on August 15, “As a safety precaution, we now have paused Monero deposits after detecting {that a} single mining pool has gained greater than 50% of the community’s whole hashing energy. This focus of mining energy poses a possible danger to community integrity”.

Qubic, a venture centered on AI and blockchain, acknowledged on August 11 that it had reached a majority share of Monero’s hashrate. The group additionally stated it had modified six blocks on the chain, although members of the Monero group questioned whether or not this counted as an precise assault.

At one level, nevertheless, the pool slipped to the seventh-largest miner. On August 4, Qubic suffered a denial-of-service assault (DDoS), the place servers are overloaded with faux visitors so actual connections can’t get by means of.

This brought about its hashrate to drop from 2.6 gigahashes per second to 0.8 GH/s, based on Sergey Ivancheglo, who stated he was behind the 51% assault.

Regardless of these points, Qubic’s pool regained energy and finally managed many of the Monero community’s computing energy as soon as once more.

A 51% assault is a scenario the place one miner or pool has sufficient energy to alter latest transactions and even spend the identical cash greater than as soon as. This undermines belief within the blockchain till management shifts again to a extra balanced state.

On August 14, BtcTurk paused cryptocurrency withdrawals after detecting suspicious transactions in its scorching wallets. How did the incident occur? Learn the complete story.