SlowMist Cosine: 51% Attack on Monero Succeeds, Qubic Mining Pool Can Rewrite the Blockchain

On August 12, SlowMist founder Cosine stated that a 51% attack on Monero appears to have succeeded. The Qubic mining pool now theoretically has the ability to rewrite the blockchain, enable double-spending, and censor any transaction. The cost of this attack is quite high, and it remains unclear what economic benefit the attacker may gain. Relevant platforms are advised to be aware of potential threats and stay vigilant. Ledger CTO Charles Guillemet tweeted that Monero seems to be experiencing a successful 51% attack. The Qubic mining pool has been accumulating hash power for months and now controls the majority of the network’s computing power. A major chain reorganization was detected this morning. With its current hash rate, Qubic can rewrite the blockchain, carry out double-spending, and censor any transaction. The estimated cost to maintain this attack is as high as $75 million per day.