XMR price dips 12% as Qubic pool seizes control of Monero network

Digital tokens traded in the red on Tuesday as the cryptocurrency market cap plunged 2% in the past day to $3.94 trillion. While most coins demonstrated resilience, Monero’s XMR saw a significant 12% 24-hour dip. XMR plunged as the Monero blockchain faced a successful 51% attack. Multiple sources have highlighted that the Qubic mining pool has amassed massive dominance over Monero’s hashrate for months. According to SlowMist founder Charles Guillemet, the buildup has hit a crucial threshold, with Qubic now commanding the privacy network’s mining power. Charles Guillemet @P3b7_ · Follow Monero appears to be in the midst of a successful 51% attack.The privacy-focused blockchain, launched in 2014 and long targeted by governments and 3-letters agencies, is already banned from most major centralized exchanges.The Qubic mining pool has been amassing hashrate for 1:14 PM · Aug 12, 2025 863 Reply Copy link Read 105 replies The incident triggered a significant chain reorganization, suggesting that Monero is no longer running under an unbiased consensus. The current dominance allows Qubic to theoretically and practically double-spend, rewrite the blockchain, and censor transactions. For context, Quibic revealed plans to dominate Monero’s hashrate late last month to demonstrate its AI-powered mining potential. While Qubic’s move focuses on economic incentives, not a usual exploit, fears of undermining decentralization have materialized as the 51% attack succeeded. XMR has plunged from $277 to an intraday low of $245 following these revelations. That translates to a more than 12% plunge within a day. Monero is in jeopardy after Qubic’s takeover Multiple trading platforms, including OKX, banned Monero due to its privacy nature, which makes it useful for illicit activities like money laundering. However, it has displayed resilience, remaining as the top privacy cryptocurrency with $4.55 billion market cap. Monero’s stability is now in danger. Qubic’s control allows it to orphan blocks mined by competitors, limiting miner profitability. With little to no financial gains, independent miners will likely exit, a move that would strengthen Qubic’s grasp. The twist has raised eyebrows across the cryptocurrency sector. Qubic has a market capitalization of around $290 million and is taking over a billion-dollar project. Vini Barbosa @vinibarbosabr · Follow On August 12, Monero had a 6-block reorg.The winning chain has 2 normal and 5 empty blocks.The affected blocks were from 3475995 to 3476000.All reorged blocks were from long-term active pools.The winning chain was dominated by “unknown” miners.Everything points to Qubic 4:19 PM · Aug 12, 2025 59 Reply Copy link Read 12 replies Such imbalances highlight how small miner pools can threaten the security of established blockchain projects. A costly dominance The attack costs Qubic a fortune, with estimates indicating that it should spend about $75 million per day to sustain it. While the economic gains of transaction censorship and double-spending could be lucrative, the risk is immensely high. Such incidents would dent confidence in Monero, possibly crashing XMR’s value beyond recovery while rendering Qubic’s move financially futile. XMR price outlook The native token trades at $248, with the daily chart indicating dominant selling pressure. Chart by Coinmarketcap Meanwhile, XMR’s decline has been somewhat modest considering the intensity of mining dominance. The altcoin’s future remains uncertain. Other miners should rally to challenge Qubic. Failure to do that will leave XMR under the control of a single mining entity. That’s against decentralization principles. The post XMR price dips 12% as Qubic pool seizes control of Monero network appeared first on Invezz

Source: Invezz