Monero, the privacy-focused cryptocurrency, has experienced its most severe blockchain reorganization to date, erasing 18 blocks and reversing 118 transactions on September 14. Reorganizations happen when miners disagree on the valid chain, leading the network to follow the longest one and abandon the other. This caused already-confirmed Monero transactions to vanish, raising fears of double-spending and reliability issues.
The disruption comes amid concerns about Qubic, a rival blockchain project controlling 2.11 GH/s of Monero’s 6.00 GH/s hashrate, making it the dominant mining entity. Earlier this year, critics accused Qubic of attempting a 51% attack on Monero. The project’s founder, Sergey Ivancheglo, fueled speculation with comments hinting at deliberate influence over Monero’s stability.
Developer Sech1 highlighted inefficiencies from Qubic’s mining strategies, including a 43% orphan rate that slashed rewards. In response, Kraken suspended Monero, i.e. XMR deposits and raised confirmations from 10 to 720. The incident marks a major test for Monero’s resilience and trustworthiness.
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