Crypto exchange Kraken has announced the suspension of Monero (XMR) deposits following a confirmed 51% attack on the network on August 12. The attack was linked to the Qubic mining pool, which managed to control over half of Monero’s hashrate, peaking at 2.6GH/s.
This dominance allowed Qubic to conduct a six-block deep reorganization of Monero’s blockchain, effectively rewriting history and orphaning around 60 blocks. The attack exposes the vulnerability of mid-tier Proof-of-work networks like Monero to majority control maneuvers.
Kraken follows ‘security precaution’ with Monero
Monero is a privacy-focused coin designed to provide secure, anonymous, and untraceable transactions. Unlike transparent blockchains such as Bitcoin and Ethereum, Monero conceals the sender, receiver, and amount for every transaction, and is popular among users who value financial privacy and freedom.
Launched in April 2014, Monero has suffered previous security incidents, including a flooding attack in
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