Qubic Attack Sparks Concerns: How Safe Is Monero Really?
Despite an 18-block reorganization on its blockchain, Monero’s privacy token increased by more than 7%. About 117 transactions were impacted by this reversal, which raised community fears about the viability of the Monero ecosystem.
The firm behind Qubic, a layer-1 AI-focused blockchain and mining pool that accumulated 51% hashrate on Monero, was responsible for the security compromise. Last month, they implemented a six-block reorganization. On Sunday, the reorganization began at block 3499659 at 5:12 am UTC and ended about 43 minutes later at block 3499676. This is how the problem happened, according to sources who provided their command-line terminals on X and ran Monero nodes.
Despite Blockchain Turmoil, Monero Proves Resilient With 7% Gain
Unexpectedly, during the reorganization, the Monero token’s price remained rather stable. CoinGecko data indicates that it had a 7.4% increase from $287.54 to $308.55, a little more than eight hours later. Even if the overall market fell by about 1% on Sunday, XMR was still able to increase.
Qubic may have been attempting to put in place measures to stop the bleeding of XMR’s price, according to cryptocurrency podcaster Xenu, who was among the first to announce Monero‘s reorganization. Discussions over how to manage the privacy chain going forward have been sparked by the reorganization, which Xenu claims is the biggest in the network’s history.
Monero Reorg Crisis: Can DNS Checkpoints Save the Privacy Token?
Rucknium, a cryptocurrency protocol researcher, verified Monero’s most recent security issue on GitHub. When proof-of-work blockchains are not sufficiently decentralized, they can be tampered with, which makes it difficult to use them as a monetary network. This is demonstrated by the frequent attacks. It is very likely that Monero node operators would start using DNS checkpoints for a short time, according to Rucknium. To avoid frequent reorganizations, nodes in this configuration retrieve reliable block data from community DNS servers. However, centralization suffers as a result, and others contend that Qubic’s more than 51% hash rate share has already damaged it.
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