Qubic Community Targets Dogecoin After Monero Attack
The Qubic community, known for being an AI-focused blockchain project, has conducted a 51% attack on Monero this week, allowing them to gain majority control over the network’s computing power. Following this, they voted to set their sights on Dogecoin (Doge) next.
Sergey Ivancheglo, the founder of Qubic Network, proposed that the group consider other targets for future attacks, listing Dogecoin, Kaspa (KAS), and Zcash (ZEC) as potential candidates, particularly those relying on application-specific integrated circuits (ASICs).
“The Qubic community opted for Dogecoin,” Ivancheglo, who uses the online handle Beyond, stated in a post on Sunday. The results of this voting process will be revealed soon.
With a market cap exceeding $35 billion, Dogecoin garnered over 300 votes, significantly more than all other networks combined.
A surprising twist happened when a counterattack on Monero took place after Qubic’s own 51% assault, leaving the crypto community in disbelief. An AI-centric network targeting another proof-of-work cryptocurrency may have unforeseen effects on the broader blockchain ecosystem driven by mining.
Qubic Secures Hashrate Control Over Monero
The Qubic team announced that they successfully obtained majority control over the computing power protecting the Monero network earlier this week.
After a month-long struggle with other Monero miners for control of the network’s hashrate, Qubic’s mining pool managed to reorganize six blocks. Currently, they direct a hashrate of about 2.32 gigahash per second.
Ivancheglo mentioned on Tuesday that the essential features of the Monero network remain unchanged. “Its privacy, speed, and usability have not been compromised,” he stated following the takeover.
The team’s ultimate aim seems to be ensuring that Qubic miners provide the security for the Monero protocol.
In light of the attack, cryptocurrency exchange Kraken decided to temporarily suspend Monero (XMR) deposits, citing “potential risks to network integrity” following the 51% takeover by a single miner.
Despite the temporary halt on deposits, Kraken continues to allow XMR withdrawals and transactions, assuring users that if their XMR deposit is deemed “safe,” it will be processed accordingly.
