What happened?
Qubic executed a 51% attack on the Monero blockchain, causing significant losses for the XMR token. This entailed Qubic controlling over half of the network’s hash rate, allowing potential manipulation of the ledger. Fortunately, this threat has been mitigated as Qubic’s hash power has reduced to 30%, and the XMR token is beginning to recover.
Who does this affect?
The primary parties affected are Monero users and investors in the XMR token, as their holdings faced volatility and potential risks. Additionally, exchanges like Kraken had to pause deposits to prevent further damage during the attack. The Monero development team and community are also directly impacted as they work to secure the network against future threats.
Why does this matter?
This incident underscores the vulnerabilities in blockchain networks and their potential impact on market trust and token values. While Monero has started to recover, such attacks can lead to increased scrutiny and volatility, affecting investor sentiment. However, the current market still shows bullish potential if XMR breaks past key resistance levels, indicating possible growth opportunities for traders.