Researchers have officially refuted claims made by the blockchain project Qubic regarding a planned 51% attack on the privacy-focused cryptocurrency Monero. The initial announcement by Qubic, led by IOTA co-founder Sergey Ivancheglo, stated intentions to seize a significant portion of Monero's hash rate between August 2nd and August 31st. However, the Institute for the History and Theory of Architecture (RIAT) has dismissed these claims as a "staged media trick."
Key Takeaways
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Researchers at the Institute RIAT have debunked Qubic's claims of a 51% attack on Monero.
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The attack was described as a "staged media trick" rather than a genuine threat.
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Qubic had previously announced similar, unfulfilled intentions towards Dogecoin.
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A 51% attack could compromise the security and integrity of a cryptocurrency network.
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Monero's community and researchers remain vigilant against potential network threats.
Refutation of the 51% Attack Claims
The Institute RIAT, a research body, has publicly stated that Qubic's announcement about a 51% attack on Monero is not credible. They characterized the initiative as a deliberate attempt to generate media attention rather than a genuine threat to the Monero network. This refutation casts doubt on the legitimacy and technical feasibility of Qubic's stated intentions.
Researchers agree that Qubic’s actual goal was to artificially lower the price of Monero. This would allow exchanges to replenish their reserves at a more favorable rate, since historically they have not always held full XMR reserves.
The withdrawal of the token has been suspended on most centralized platforms, except Kraken, RIAT noted. Exchange representatives clarified that the temporary suspension of deposits was a preventive measure in response to public statements and did not indicate an actual attack.
The Real Picture
According to researchers, Qubic managed to find 51% of the last 100 blocks at one point. However, this does not mean control over 51% of the network’s hashrate, but rather indicates a short-term stroke of luck.
As a result, Qubic carried out a reorganization of six blocks. However, most Monero exchanges and wallets require 10 confirmations for a transaction to be credited. Therefore, such a reorganization is insufficient to cancel a fully confirmed operation.
RIAT reported that Qubic used a “selfish mining” strategy. It allows artificially inflating the visible hashrate by withholding discovered blocks and then publishing them later. Even with this tactic, they failed to achieve significant results.
Qubic's Announcement and Community Reaction
Qubic's announcement, which detailed plans to target Monero's hash rate, was met with criticism from the cryptocurrency community. The project had previously announced similar intentions to target Dogecoin, which was also met with skepticism. The focus on Monero, known for its strong privacy features and robust network, made Qubic's claims particularly noteworthy.
The Significance of a 51% Attack
A 51% attack occurs when a single entity or group controls more than half of a cryptocurrency's mining hash rate. This control allows them to potentially manipulate the blockchain, such as preventing new transactions from confirming or reversing their own transactions (double-spending). For privacy coins like Monero, such an attack could undermine user trust and the integrity of the network.
Sources
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