If you’ve been storing your lunch money in Monero, now’s a great time to update your resume and consider a thrilling new career in macramé. On August 12, someone with apparently nothing better to do (let’s call them Qubic, because that’s what they call themselves) flexed their mining pool muscles and took control of just over 51% of Monero’s hashrate. The price reacted the way you’d expect any privacy-obsessed asset to react to a “Hey, what’s behind this curtain?” moment-down 10%, with all the dignity of a dropped soufflé.
- Monero’s 51% attack: Qubic played the role of unwelcome houseguest and refused to leave 😬
- XMR dropped 10% like a soap in a prison shower, but then, for reasons unknown to science, started recovering
- Qubic’s founder claimed he’s just here to help, and not at all plotting to turn Monero into his personal pizza fund
I’d love to say the Monero community responded with poise, but mostly it was what you might expect from people who pride themselves on anonymity: a lot of posting, panic, and presumably a few new burner phones. On the day of reckoning, Qubic decided they deserved more than half the pie, and snatched up over 51% of Monero’s hashrate. People started muttering words like “blockchain takeover,” “double-spending,” and, my personal favorite, “things were just fine until THAT pool showed up.”
SlowMist’s Yu Xian and Ledger’s Charles Guillemet bravely took to social media-where no one can hear you scream-to point out Qubic had been sweet-talking miners for months. They offered incentives, which as we know, never ends in wildly unintended consequences. The economics of this maneuver were questioned, which is the polite way of saying, “Wait, did you actually do the math?”
Monero appears to be in the midst of a successful 51% attack.
The privacy-focused blockchain, launched in 2014 and long targeted by governments and three-letter agencies, is already banned from most major centralized exchanges.
The Qubic mining pool has been amassing hashrate for…
– Charles Guillemet (@P3b7_) August 12, 2025
If you ever need to burn $75 million per day and you don’t want to buy Greenland, sustaining Monero’s hashrate is apparently the way to do it. Qubic could have kept going, removed incentives for other miners, and, in true villain fashion, watched the network crumble with the satisfaction of someone who just spoiled the end of your favorite TV show.
Is Monero in danger of takeover?
Was it all doom and gloom? Well, in classic crypto drama, Monero’s price did a swan dive from $276.69 to $251.35 while Qubic’s founder, Sergey Ivancheglo, denied any nefarious plans. Apparently, he just wanted to help Monero defend itself-sort of like hiring a burglar to guard your safe. Governments still squint suspiciously at Monero, worried it might help people launder they money (grammar not necessary when laundering funds), while supporters see it as the Prometheus of privacy.
If there’s a moral here (there isn’t), it’s that Monero refused to be taken hostage. After Qubic reached more than 51% control, other miners staged what I imagine was a panicked Zoom call, and knocked the hashrate back to below 14%. Monero lives to fight-and overreact-another day. 👀
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2025-08-12 17:02