Monero Faces Unverified 51% Attack Claims, XMR Drops 10%
- Monero alleged 51% attack remains unverified by core team.
- XMR price fell significantly in volatile trading.
- No exchange or regulatory confirmations on reorg claims.
Monero’s XMR has plunged over 10% in the past 24 hours amid unverified claims of a 51% attack originating from posts by industry figures on Twitter.
Market volatility for XMR persists as no formal confirmations from Monero’s core team or major exchanges have been issued, raising concern over potential impacts on security perceptions.
Monero’s blockchain is under scrutiny following claims by industry figures, suggesting a possible 51% attack. The allegations have surfaced without official confirmation from Monero’s core team, prompting intense discussions within the community.
Sergey Ivancheglo, founder of the Qubic project, and Charles Guillemet, CTO of Ledger, have shared concerns online. While some claim a successful attack is ongoing, key statements stress the need for independent verifications. Charles Guillemet noted,
“Monero appears to be in the midst of a successful 51% attack… major chain reorg detected.”
The alleged attack has affected market confidence, leading to a rapid 10% decrease in Monero’s price. Exchanges have yet to take official action or confirm the attack, leaving investors uncertain about potential risks.
Potential implications include increased security concerns for Monero and the privacy coin sector. The community debates over risk mitigation with discussions focusing on decentralization and countering centralized pool vulnerabilities.
Past occurrences within similar PoW networks highlight the potential impacts, though so far, Monero has not issued formal advisories confirming any attacks. Continued monitoring by developers and exchanges is crucial.
Historical instances with Ethereum Classic and Bitcoin Gold saw exchange reactions such as increased confirmation requirements following such allegations. Ongoing market scrutiny suggests close attention to any updates or confirmations from Monero’s official channels.
