TLDR:
- Qubic’s hashrate takeover allowed potential double-spend attacks and censorship on the Monero network.
- Community-led miner boycotts cut Qubic’s share from nearly half to under 15% in hours.
- Monero’s price fell 17% in a week as traders reacted to centralization fears.
- Analysts warn low miner rewards leave Monero vulnerable to future 51% attack attempts
Monero has been thrust into crisis after a powerful mining pool seized control of most of its network. The sudden hashrate spike led to a major chain reorganization, raising fears of double-spending and censorship.
Traders reacted quickly, pushing XMR prices lower across exchanges. While the community has mobilized to push back, confidence has taken a sharp hit. The situation has left the network’s long-term security in question.
Qubic’s Takeover Puts Monero on Edge
According to data and sources shared by Wu Blockchain, Qubic mining pool quietly accumulated dominance over Monero’s hashrate for months.
SlowMist founder said the 51% attack on Monero by the Qubic mining pool appears successful. Qubic now controls most of the network’s hashrate, with a major chain reorg detected. With its dominance, Qubic can rewrite blockchain history, launch double-spend attacks, and censor any… pic.twitter.com/fI4iqbc8Ai
— Wu Blockchain (@WuBlockchain) August 12, 2025
This week, it crossed the critical 51% threshold, effectively gaining the power to rewrite transaction history. The attack was confirmed by SlowMist’s founder, who said blockchain reorganization had already occurred.
Ledger’s chief technology officer estimated the operation could cost around $75 million per day to sustain. For miners outside the pool, incentives vanished instantly, as any competing block could be orphaned by Qubic’s power. The imbalance risked making Qubic the sole miner on the network.
Monero, a $6 billion market cap privacy coin, faced an immediate threat to its decentralization. At one point, it was suggested that a $300 million operation was overpowering the entire chain.
关注一段时间了，这次针对门罗币的 51% 攻击看来是成功了（感谢黑手册群友信息），不过成本也很高，最终不确定这样做的经济收益是什么…
现在理论上 Qubic 这个矿池可以重写区块链，实现双重支付，并审查任何交易…
相关平台注意可能的威胁，保持关注。 https://t.co/cKlMyuvy9C pic.twitter.com/U9J9bDiF85
— Cos(余弦)😶🌫️ (@evilcos) August 12, 2025
Community Response Cuts Attacker’s Hashrate
The Monero community launched coordinated efforts to drain Qubic’s control.
Boycotts and miner redirection campaigns slashed the pool’s hashrate from nearly 45% to under 14% within hours, according to data cited by AlvaApp. This rapid shift highlighted how social coordination could counteract centralization.
Still, damage to sentiment was clear. Market fear spread as traders weighed the possibility of another coordinated attack. Price volatility increased sharply, with intraday swings reflecting uncertainty. Social media discussions were split between relief over the quick recovery and anxiety over the underlying weakness.
Despite the pushback, the incident exposed how low mining rewards leave Monero open to such events. Analysts said future attacks could happen unless economic incentives for miners improve.
Monero (XMR) Price Drop and Ongoing Risk
CoinGecko data shows XMR trading at $248.68, down 8.5% in 24 hours and 17.5% in seven days. Selling pressure spiked during the attack’s peak, with liquidity thinning on smaller markets. Technical indicators suggest oversold conditions, but traders remain cautious.
Long-term, developers and community leaders may need to propose protocol changes to prevent concentrated mining power. Until then, Monero remains in a fragile state, with recent events serving as a stark warning about the cost of complacency in network security.
