Monero Plummets Amid Fears of Qubic Mining Market Manipulation
Privacy coin Monero (XMR) takes a nosedive as traders panic over potential Qubic Mining shenanigans.
Whispers of foul play trigger sell-off
The sudden drop comes amid growing concerns that Qubic's mining operations could be distorting XMR's price action. While no hard evidence has surfaced, the market's reacting first and asking questions later—classic crypto behavior.
Privacy features no match for trader paranoia
Even Monero's famed anonymity tech can't hide the sell-side pressure. The coin's 15% drop in 24 hours shows how quickly sentiment shifts when miners enter the chat.
Another day, another crypto drama
Whether this is genuine manipulation or just another overreaction remains unclear. But one thing's certain: in crypto, the only thing harder than maintaining decentralization is maintaining sanity during price swings. Wall Street's got nothing on this circus.
Qubic gains control of the XMR network
Qubic mining pool has reached a 51% pool share and now controls a majority of Monero’s network, Sergey Ivancheglo, Qubic’s lead developer, said on X. Ivancheglo added that an independent confirmation is pending, while Monero's official team didn't issue any statement regarding the matter.
This alleged control over the network gives Qubic access for a “51% attack,” which happens when one group controls over half of a blockchain’s mining power. This network control enables them to cheat the system, such as spending the same coins twice or blocking transactions. It’s considered a big threat because it breaks the trust in the network.
“Many accused us of being sponsored by 3-letter agencies to attack this anon coin. What do you think now, after we have helped Monero to prepare for its future fights against those agencies?,” Ivancheglo added.
Charles Guillemet, CTO of Ledger wallets, posted on his X account on Tuesday that “Monero appears to be in the midst of a successful 51% attack.”
Guillemet explained in his post that a major chain reorganization was detected on Tuesday and that, with its current dominance, Qubic can rewrite the blockchain, enable double-spending, and censor any transaction.
“Sustaining this attack is estimated to cost $75 million per day. (….) Monero’s options for recovery are limited, and a full takeover is now possible and even likely,” said Guillemet.
However, before this network control on August 4, Qubic explained that they are not creeping up from the shadows to do a quick-hit-takeover and are publicly announcing every MOVE and letting Monero prepare their defenses.
The Qubic community also ran a DAO vote, after which holders opted to continue their attempt to dominate 51% of Monero regardless of its price fluctuations.
