Yuxian: The Qubic Mining Pool has allegedly successfully launched a 51% Attack on Monero, theoretically allowing for the rewriting of transactions.

PANews, August 12, reported that Slow Fog founder Yu Xian stated that the Qubic Mining Pool has recently gathered a large amount of Computing Power through economic incentives, and is suspected to have successfully executed a 51% Attack on the Monero network. Qubic founder Sergey Ivancheglo admitted that controlling the majority of the Computing Power allows for rewriting the Blockchain, implementing Double Spending, and censoring transactions. Although Qubic claimed this move as a technical demonstration, the Monero community has expressed concerns over the network’s Decentralization and security, and has called on Miners to disperse their Computing Power to drop risks. It was previously reported that Monero is facing a network takeover attempt initiated by the mining pool Qubic, which has sparked strong opposition from the community.