Crypto exchange Kraken has suspended Monero (XMR) deposits after the network suffered a 51% attack on August 12.
The incident was tied to the Qubic mining pool, which briefly controlled more than half of Monero’s hashrate, peaking at 2.6 GH/s.
Attack and Exchange Response
With majority control, Qubic was able to reorganize six blocks, effectively rewriting parts of the chain and leaving around 60 blocks orphaned. Kraken described the move as a “security precaution,” confirming that withdrawals and trading remain unaffected while deposits are paused.
Monero, known for its privacy-focused design, has faced technical issues before, including a flooding attack in 2024, but this marks the first confirmed breach of its consensus protocol.
Community Concerns
The lack of communication from Monero developers has frustrated some supporters, with critics arguing the silence makes the project appear vulnerable. Unstoppable Wallet called the absence of official statements “pathetic,” noting that Qubic has shaped the narrative by being more vocal.
Market Reaction
The news initially pushed XMR down 14%, though the token has since rebounded. As of August 16, Monero trades at $256.41, up nearly 8% in the past 24 hours, with a market cap of $4.73 billion.
The episode reignites concerns about centralization risks in smaller Proof-of-Work networks and adds further pressure on privacy coins already under heavy regulatory scrutiny.
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Source: https://coindoo.com/kraken-suspends-monero-deposits-after-network-attack/