Kraken Halts Monero Deposits After 51% Attack
- Kraken stops Monero deposits post 51% attack.
- Qubic mining pool controls Monero hashrate.
- Monero price drops 14% after attack.
Kraken has halted Monero deposits after the Qubic mining pool claimed over 50% control, causing a security concern and prompting action.
This event highlights potential vulnerabilities in the Monero network, impacting market confidence and causing a 14% price drop.
Kraken has suspended Monero deposits following a 51% attack by Qubic mining pool. This incident involved majority control over Monero’s hashing power, allowing a six-block reorganization and raising security concerns over network integrity.
Kraken, a leading crypto exchange, halted deposits for Monero while monitoring the situation. Qubic mining pool‘s temporary control over the hashrate triggered the suspension. Trading and withdrawals, however, remain operational per Kraken’s official statements.
The attack led to a 14% drop in Monero’s price, reflecting increased risk perception among investors. This confidence loss highlights the challenges smaller networks face in securing their infrastructure.
Other major cryptocurrencies like Bitcoin or Ethereum remain unaffected by the attack. The financial implications primarily concern Monero, with no significant withdrawal trends or trading disruptions observed across other crypto assets.
Kraken, monitoring the network’s security posture, plans to resume deposits once conditions improve. The exchange and community are urging increased vigilance against similar vulnerabilities.
Past incidents such as the Ethereum Classic’s 51% attacks offer historical context, underscoring potential regulatory and technical overhauls to prevent future breaches. Monero developers face community calls for improved transparency and response strategies.
David Ripley, CEO, Kraken, – “As a security precaution, we have paused Monero deposits after detecting that a single mining pool has gained more than 50% of the network’s total hashing power. This concentration of mining power poses a potential risk to network integrity.” source
