Crypto trade Kraken has introduced the suspension of Monero (XMR) deposits following a confirmed 51% assault on the community on August 12. The assault was linked to the Qubic mining pool, which managed to regulate 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, successfully rewriting historical past and orphaning round 60 blocks. The assault exposes the vulnerability of mid-tier Proof-of-work networks like Monero to majority management maneuvers.
Kraken follows ‘safety precaution’ with Monero
Monero is a privacy-focused coin designed to offer safe, nameless, and untraceable transactions. In contrast to clear blockchains similar to Bitcoin and Ethereum, Monero conceals the sender, receiver, and quantity for each transaction, and is fashionable amongst customers who worth monetary privateness and freedom.
Launched in April 2014, Monero has suffered earlier safety incidents, together with a flooding assault in March 2024 that congested the community. Nonetheless, the current 51% assault is the primary main breach of Monero’s consensus protocol, heightening neighborhood concern about mining focus and community resilience. Kraken posted:
“As a safety precaution, we’ve paused Monero (XMR) deposits after detecting {that a} single mining pool has gained greater than 50% of the community’s complete hashing energy. This focus of mining energy poses a possible danger to community integrity.
We’re actively monitoring the state of affairs and can resume deposits as soon as we decide it’s secure to take action. Buying and selling and withdrawals for XMR stay absolutely operational.”
Lack of official communications makes Monero look ‘weak’
Monero’s value has fallen by as a lot as 14%, with the episode reigniting considerations concerning the centralization of mining in privacy-centric cryptocurrencies and the market affect of such assaults.
Whereas safety analysts are nonetheless debating the diploma to which the reorganization constituted a full 51% assault (some argue it was a stress take a look at on Monero’s decentralization relatively than a purely malicious assault), a scarcity of official communications are conspicuous by their absence, as privacy-centric Unstoppable Pockets posted:
“To be trustworthy, we type of deserve this…
Zero unified pushback, no official statements, outdated web site, passive devs.
In the meantime Qubic, regardless of not truly hitting 51%, are successful the data conflict just by being loud.
Monero neighborhood appears weak.
It’s each pathetic.”
As exchanges like Kraken take protecting motion, the broader crypto neighborhood might want to rethink the resilience methods for networks with smaller mining populations, as regulators spotlight the added danger of privateness cash in centralized buying and selling environments.
Monero Market Information
On the time of press 9:19 pm UTC on Aug. 16, 2025, Monero is ranked #29 by market cap and the worth is up 7.75% over the previous 24 hours. Monero has a market capitalization of $4.72 billion with a 24-hour buying and selling quantity of $67.25 million. Study extra about Monero ›
Crypto Market Abstract
On the time of press 9:19 pm UTC on Aug. 16, 2025, the whole crypto market is valued at at $3.98 trillion with a 24-hour quantity of $130.22 billion. Bitcoin dominance is presently at 58.93%. Study extra concerning the crypto market ›
