Qubic Skyrockets 25% Amid Monero Security Breach—Privacy Coins in Turmoil
Monero's loss becomes Qubic's gain as traders pivot following a high-profile attack on the privacy coin.
When exploiters struck Monero's network, the crypto market reacted with its usual grace—panicked money fled straight into the next shiny thing. Enter Qubic: the protocol nobody was talking about yesterday, now riding a 25% surge as speculators play musical chairs with their bags.
Privacy’s paradox: Monero’s ‘unhackable’ rep takes a hit
The attack exposed cracks in privacy coins’ armor—just as regulators sharpen their knives. Qubic’s rise smells like opportunism, not fundamentals. But since when did that stop crypto traders?
Bonus jab: Wall Street analysts are ‘closely monitoring the situation’ (translation: frantically Googling what Qubic is).
What Monero dominance means for Qubic
Qubic founder Sergey Ivancheglo explained that the goal of the operation was to make Monero more resilient to similar attacks. Still, another effect was to draw attention to the Qubic crypto token.
Qubic managed to attain this level of dominance by offering generous rewards to Monero miners. It achieved this by its “useful proof-of-work” model, which converts mining rewards into USDT to buy and burn Qubic tokens.
On the other hand, the 51% incident did erode some trust in the privacy-focused Monero. This is especially true as many governments around the world view it as a tool for illicit activity. Still, the Monero community remained resilient, and the token stabilized at $256 following the attack.
