Crypto Exchange Kraken is temporarily already -Pause Monero (Xmr) Deposits due to the ongoing 51% attack against Blockchain-dedicated to privacy, which compromises network security.
A 51% attack Occurs when a mining pool controls more than 50% of the total power of a blockchain’s hashing network, giving it the ability to double-spend and organize ledger transactions. The Kraken Exchange write On Friday:
“As a safe care of security, we stopped Monero’s deposits after seeing that a single pool of mining gained more than 50% of the total power of the network hashing. This concentration of mining strength brings a potential risk to the integrity of the network.”
Quubic, a layer-1 AI-focus blockchain and mining pool, claim it controls the majority of Monero’s hashrate On Monday and repaired six blocks, which motivated the refusal of attacking from the Monero community.
Monero is a major protocol that makes privacy, and the 29th largest crypto by market capitalization, According to In coinmarketcap. The ongoing 51% attack on the network sent shockwaves through the Monero community, which contributed a wave of responses.
Related: Monero ‘Economic Attack’ receives a strong community response
The single mining pool assumes network control
“After a month, high-stake technical confrontation, Quubic reached 51% of Monero’s hashrate dominance, successfully repairing the blockchain,” spokesman for the Qubic write on Tuesday.
Mining pool was initially revised in its attempt at a acquisition, which fell to the seventh largest large miners of protocol and hit by a alleged refusal to attack the service on August 4.
A denial of service (DDOs) attacks flooding on a computer, network, or server with fake incoming traffic, system clovation and avoid real traffic.
DDOs attack in quubic strictly reduced the hashrate of the mining pool from 2.6 gigahashes per second (GH/s) to 0.8 GH/s only, According to To Sergey Ivancheglo, the individual who took responsibility for 51% attack.
However, the Qubic pool recovered its hashing power, which eventually controlled a majority of computing strength on the Monero network.
“This event marks an important moment in the crypto industry,” the Quubic spokesperson continued, while featuring the acquisition of a $ 6 billion privacy protocol of AI’s $ 300 million protocol.
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