Kraken Temporarily Suspends Monero Deposits After 51% Attack Linked to Qubic Pool

Cryptocurrency exchange Kraken has temporarily halted Monero (XMR) deposits following a confirmed 51% attack on the privacy-focused blockchain on August 12. The attack, attributed to the Qubic mining pool, has raised significant security concerns for mid-sized Proof-of-Work networks. Blockchain data indicates that Qubic briefly controlled over 50% of Monero's hashrate, peaking at 2.6GH/s, enabling majority dominance. This incident underscores the vulnerabilities faced by smaller PoW blockchains and highlights the ongoing challenges in maintaining network security. Kraken's precautionary measure aims to protect users while the situation is investigated. The crypto community is closely monitoring developments, as this event may prompt further discussions on enhancing blockchain security mechanisms.

Kraken Halts Monero Deposits Following 51% Attack Linked to Qubic Pool

Cryptocurrency exchange Kraken has temporarily suspended Monero (XMR) deposits after the privacy-focused blockchain suffered a confirmed 51% attack on August 12. The incident, attributed to the Qubic mining pool, has reignited security concerns surrounding mid-sized Proof-of-Work networks.

Blockchain data reveals Qubic briefly controlled over 50% of Monero's hashrate, peaking at 2.6GH/s. This majority dominance enabled the pool to reorganize six blocks deep, rewriting transaction history and orphaning approximately 60 blocks. Kraken's precautionary MOVE comes as exchanges typically monitor chain stability during such events.

Monero's privacy architecture, which obscures transaction details by default, has long made it a favorite among anonymity seekers. The 2014-launched cryptocurrency continues to face regulatory scrutiny despite its technological sophistication. Market observers note this attack may prompt renewed debate about the security trade-offs inherent in smaller-capacity blockchains.

Kaspa (KAS) Emerges as a Hidden Gem Amid Ethereum's Market Momentum

Kaspa (KAS) is gaining traction among traders, drawing comparisons to historic altcoin breakouts. Its technical foundation, including the GHOSTDAG protocol, enables one block per second—addressing congestion issues that have long plagued Ethereum. Analyst LOVRIN highlights KAS as a top buy, citing an 18,000% gain over three years and a $2.5 billion market cap. Listings on major exchanges like Kraken further bolster its credibility.

Ethereum, meanwhile, shows resilience, bouncing from $4,466 and eyeing $4,772. A sustained rally could reignite broader market excitement. While ETH remains the DeFi heavyweight, Kaspa's unique value proposition positions it as a compelling alternative for investors seeking high-growth opportunities.