Cosine: The Qubic mining pool is suspected of successfully launching a 51% attack on Monero, theoretically able to rewrite transactions

PANews reported on August 12th that SlowMist founder Yu Xian (Yu Xian) claimed in a post that the Qubic mining pool, through recent economic incentives, has aggregated significant computing power and appears to have successfully launched a 51% attack on the Monero network. Qubic founder Sergey Ivancheglo admitted that controlling a majority of the computing power could allow him to rewrite the blockchain, perform double spends, and censor transactions. While Qubic described the move as a technical demonstration, the Monero community has expressed concerns about the network's decentralization and security, and has called on miners to disperse their computing power to mitigate risk.

As previously reported, Monero faced a network takeover attempt initiated by the mining pool Qubic, which sparked strong opposition from the community .