Qubic Targets Dogecoin for 51% Attack Following Monero Takeover

The cryptocurrency world is observing with heightened interest as Qubic, an AI-focused blockchain project, has set its sights on Dogecoin for a potential 51% attack, following a successful, albeit controversial, takeover of the Monero network. This strategic pivot, announced by Qubic founder Sergey Ivancheglo on X, underscores a growing challenge to the integrity of Proof-of-Work blockchain security and raises critical questions about centralized mining power within decentralized ecosystems.

• Qubic, an AI-focused blockchain project, plans a potential 51% attack on Dogecoin.
• This move follows a recent, successful takeover of the Monero network.
• The decision to target Dogecoin was determined by a community vote.
• The actions raise significant concerns about Proof-of-Work blockchain security and centralized mining power.
• The Monero incident led to temporary service disruptions and increased confirmation requirements for XMR on exchanges like Kraken.

Targeting Dogecoin Through Community Consensus

The decision to target Dogecoin, a prominent memecoin with a market capitalization exceeding $33 billion as reported by CoinMarketCap, emerged from a community vote. Ivancheglo presented the Qubic community with a choice among several ASIC-oriented Proof-of-Work networks, including Dogecoin, Zcash, and Kaspa. Dogecoin garnered over 300 votes, significantly outpolling all other contenders combined, indicating a clear preference within the community for this high-profile target.

The Monero Network Precedent

This development follows Qubic’s recent assertion of control over the Monero network. Last week, Qubic’s mining pool reportedly acquired a majority of Monero’s computational power, enabling them to reorganize six blocks after a month-long contest with other miners. While Qubic stated that Monero’s “privacy, speed, and usability were not violated” and that their ultimate goal was for Qubic miners to ensure the protocol’s security, the action sparked considerable industry concern.

Industry Reactions and Security Implications

The implications of such concentrated mining power were immediately evident. Crypto exchange Kraken, for instance, temporarily halted XMR (Monero) deposits, citing “risk to network integrity due to 51% control.” Although deposits were later reinstated, they now necessitate 720 confirmations, a substantial increase, and Kraken retains the right to suspend them again if new threats arise. Furthermore, Kraken ceased XMR support in Ireland and Belgium from June 2024, highlighting the regulatory and operational risks associated with network vulnerabilities. Notably, Qubic had publicly warned of its intention to target Monero prior to the successful takeover, indicating a deliberate and transparent strategy.