51% Attack Threat Forces Kraken to Disable Monero Deposits

Exchange Kraken stopped accepting deposits in anonymous cryptocurrency Monero (XMR) due to the threat of 51% attack.

Danger to Blockchain Monero arose On August 11, when the mining pool Qubic managed to gain control of the majority of the hashrate. Thanks to this, the organization can now manipulate the network, such as reversing transactions and rebuilding blocks.

As a security measure, we have suspended the acceptance of deposits in Monero, after learning that a single mining pool had seized control of over 50% of the network’s computing power. Such a concentration of hashrate poses a threat to the stability of the blockchain. We are monitoring the situation and will resume payments in XMR as soon as we determine it is safe to do so. Trading and Withdrawals Monero are operating as normal, the employees wrote. Kraken.

Amid the emerging risk of a 51% attack, the XMR rate continues to fall. In May, the coin’s price reached its highest level in the last three years at $420, but failed to hold on to the gained height and fell by 45%.

Qubic representatives claim that they have no malicious intent, but the fact that the hashrate is so concentrated makes the purchase Monero too dangerous, so a reversal in the cryptocurrency market is unlikely to occur until Qubic’s hegemony comes to an end.

Course fall Monero

Source