Kraken, one of the world’s largest crypto trading platforms, has suspended Monero (XMR) deposits, reporting a 51% attack on privacy-focused blockchain networks.
According to the exchange, this Precautions are It is designed to protect users. Meanwhile, he emphasized that XMR trading and withdrawals will continue to work perfectly.
Despite claims of sediment freezing and attack, Monero’s XMR skyrockets
Kraken has been closely monitoring the situation and added that it will restore deposit services once the network is stable.
The incident raises questions about the resilience of token networks and the decentralization of mining.
Monero is a privacy-centric cryptocurrency that covers key transaction details such as sender, recipient, and amount. Its powerful anonymous features make it popular among users looking for secure, untrackable transfers.
On August 14, AI-based Crypto Protocol Qubic claimed it had gained majority control of Monero’s hash power, a situation known as a 51% offensive.
A 51% attack occurs when a miner or pool gains control of the blockchain’s hash power. This control allows you to double the coin or relocate recent transactions.
According to Qubic, this control allowed the 6 blocks and orphans to be reorganized about 60 blocks. On suspicion of a two-hour window, Qubic reportedly mined about 80% of the network’s blocks, generating around 750 XMR and 7 million XTM.
However, Qubic’s claims face significant pushbacks and distributed denial of service (DDOS) attacks from the Monero community.
Critics argue that the protocol never exceeds 35% of the network’s hashrate and relies on selfish mining strategies rather than complete control.
Nevertheless, Qubic founder Sergey Ivancheglo highlighted the incident highlighting the critical risks of the network. He said it demonstrated the importance of preventing a single miner from exceeding 25% of the total hashrate.
According to data from Mining Pool Stats, Qubic is currently ranked as the largest Monero Miner, controlling a total of 2.04 GH/s network hashrate of 6.00 GH/S at press time.
Despite the attacks and ongoing debate, Monero’s market performance shows resilience.
According to Beincrypto data, XMR prices rose more than 10% in 24 hours, reaching around $264 at the time of writing.
Surges have reverted tokens to pre-attack price levels, renewing investor confidence, indicating a potential recovery in market momentum.
Kraken halted Monero’s deposits after Kraken challenged the 51% attack claim.
