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Affected by the news of a 51% attack on Monero, XMR plummets over 10% in 24 hours
BlockBeats News, August 12th, according to HTX market data, influenced by the Monero 51% attack news, XMR's price fell over 10% in 24 hours, currently trading at $246.61.
Earlier reports indicated that IOTA co-founder Sergey Ivancheglo's project, Qubic, rapidly accumulated a large amount of Monero's mining power through the "useful Proof of Work (uPoW)" mechanism. On August 12th, Qubic briefly controlled 52.72% of Monero's network hashrate (about 3.01 GH/s). Once exceeding 51%, Qubic can reject blocks from other mining pools, leading to chain reorganization, double-spending, or transaction censorship. The Monero community has launched resistance and defense actions, while the Qubic team stated that this was a technical demonstration and not a malicious attack.
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