Qubic Founder Drops Bombshell: Zcash Could Be Next Target After Monero’s 51% Attack—Is Privacy Crypto Doomed?

Another day, another crypto network in the crosshairs. Following Monero's recent 51% attack, Qubic's founder just hinted Zcash might be next—throwing privacy coins into chaos.

When the 'unhackable' gets hacked

Privacy coins market themselves as Fort Knox, but Monero's breach proves even bulletproof tech has weak spots. Now Zcash—the $2B privacy heavyweight—faces the same existential threat. Qubic's veiled warning suggests exploiters are shopping for their next target.

The irony? These attacks hit right as regulators scream 'See? Crypto IS insecure!'—ignoring that banks get drained daily too. Maybe decentralized networks should start charging overdraft fees to fit in.

One thing's clear: If Zcash falls, the 'privacy' narrative crumbles faster than a shitcoin's promises. Time to audit those mining pools.

Crypto users criticize Qubic for targeting Privacy Chain

Meanwhile, the reaction to a possible 51% attack on the Zcash Network has been mixed. While some praise the idea and believe it will be good for the network, others are pessimistic about its impact and question the rationale. One user noted that attacking Zcash will likely harm Zcash users.

Some users also point out that Ivancheglo is taking the post from Wilcox-O’Hearn’s post from 2017  out of context. They noted that the Zcash founder had changed his view on the subject of making Zcash traceable since 2020, adding that he clarified that he was not interested in changing the Core protocol itself.

There are also those who believe Zcash remains one of the best blockchain networks for privacy, and unless Qubic offers more privacy and anonymity, damaging Zcash would serve no purpose for the users. Others are more concerned about Qubic attacks targeting privacy networks as part of an economic experiment.

Qubic mining pool had recently gained temporary control of the Monero blockchain and reorganized the blockchain. This caused a sharp decline in the value of XMR, although the token has now recovered. The move was part of an experiment to prove what Qubic can do by showing that any proof-of-work chain can be attacked if the miners get better economic incentives.

While the incident did not have much impact on Monero functionality, it was enough for Kraken to temporarily pause XMR deposits and raise awareness about the need for better safeguards against centralization for PoW networks.

Zcash sees slight gains despite long-term underperformance

Meanwhile, the possibility of a 51% attack on the Zcash network has not impacted its ZEC token, which is up 3.15% in the last 24 hours according to CoinMarketCap.  This is likely because many people do not expect the Qubic to gain sufficient network control. Some noted that getting sufficient ASIC miners to gain control of the Zcash network would be difficult.

Nevertheless, any coordinated attack on the privacy coin could impact its price, especially if successful. ZEC is already struggling with the token losing 37% of its value year-to-date in a rough year for on-chain privacy.

By comparison, QUBIC is enjoying a positive 4.24% performance year-to-date, even though it only has around $400 million in market cap. The token appears to have seen positive performances in recent months, with a 135% gain in the last 90 days.

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