Monero (XMR), as a privacy coin, surged over 7% after the blockchain experienced an 18-block reorganization on Sunday, with approximately 117 transactions being rolled back. This incident has raised concerns within the community about the future of the Monero (XMR) ecosystem.
This security event was initiated by the Qubic team. Qubic is a first-layer blockchain and mining pool focused on artificial intelligence, which had previously controlled 51% of the hash power on the Monero (XMR) network last month and initiated a 6-block reorganization.
According to a source who operates a Monero (XMR) node and shared command line console information on platform X, the reorganization began at 5:12 UTC on Sunday at block 3499659 and ended approximately 43 minutes later at block 3499676.
Cryptocurrency protocol researcher Rucknium also confirmed the Monero (XMR) security incident on GitHub.
According to CoinGecko data, the price of Monero (XMR) fluctuated little during the reorganization, rising from $287.54 to $308.55 eight hours later, an increase of 7.4%. Despite the overall market dropping about 1% on Sunday, XMR still managed to rise.
Cryptocurrency podcast host xenu, one of the first to report on the Monero (XMR) reorganization, stated that Qubic might be attempting to "prevent XMR prices from falling" through certain mechanisms.
xenu noted that this reorganization was the largest in the network's history, prompting community discussions on how to advance the governance of privacy chains.
The ongoing attacks highlight how a lack of decentralization in proof-of-work blockchains makes the network susceptible to tampering, affecting its application as a currency network.
Cryptocurrency commentator Vini Barbosa posted on platform X on Sunday, stating, "Personally, I no longer consider the Monero (XMR) network reliable. I will stop accepting XMR payments until the issues are resolved."
Rucknium indicated that Monero (XMR) node operators are "very likely" to temporarily adopt DNS checkpoints, meaning nodes would obtain trusted block data from community DNS servers to prevent repeated reorganization events.
However, this solution poses centralization risks, with some arguing that Qubic's over 51% hash power share has already impacted decentralization.
This is what looks like the 19 reorganization blocks in my monerod $XMR pic.twitter.com/30awmyqgCb
SlowMist Technology founder Yu Xian posted on platform X, stating, "If no one in the Monero (XMR) community takes the block reorganization issue seriously, the sword of Damocles will always hang over Monero (XMR)."
Previously, the Monero (XMR) community had discussed a complete reform of its proof-of-work consensus mechanism to enhance the network's resistance to 51% attacks.
Proposals included localized mining hardware, switching to merged mining, allowing XMR to mine alongside cryptocurrencies like Bitcoin (BTC), and adopting Dash's ChainLocks solution.
Currently, no effective solutions have been implemented, and Qubic still holds significant influence within the privacy network.
Rucknium pointed out that Monero (XMR) previously had a 10-block locking mechanism to prevent reorganizations within 10 blocks, but this 18-block reorganization breached that protective measure.
According to reports, since Qubic took over on July 28, XMR's overall performance has remained strong, with only a 5.85% decline.
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Original article: “Despite 18-block reorganization raising security concerns, Monero (XMR) still rises 7%”
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