MONero’s price collapses for attack on your network
The price of Monero (XMR) is strongly down. At the time of this publication, each XMR is traded for 247 dollars, which represents a fall greater than 17% in the last week.
In the following graph, provided by the Coingcko platform, the XMR quote in the last 12 months.
The cause of these movements is that The network would be facing a 51% attackwith the Qubic mining pool controlling – apparently – 52% of the hashrate of the network.
Charles Guillemet, director of Ledger, comments: «The Qubic mining pool has accumulated hashrate for months and now controls most of the network. This morning an important reorganization of the chain was detected. With its current domain, Qubic can rewrite the blockchain, allow double expense and censor any transaction ».
As cryptootics reported, this is not a situation that takes Monero by surprise. It had already been managing for a month, when Qubic rapidly increased his power on the network.
The head of Qubic, Sergey Vivancheglo, has argued that it is a “benevolent” attack to prove the safety and reaction capacity of the network. Anyway, the consequences at the market level are being noted.
At the time of this publication, Some exchanges (Among them Mexc, HTX, Fixedfloat and Whitebit) They have paused the deposits and withdrawals of XMR.
