Monero, a privacy-centric cryptocurrency, is facing a suspected network takeover attempt by the former top mining pool Qubic, which has sparked strong backlash from the community and raised deep concerns about the centralization of hash power.

According to data from MiningPoolStats, as of Monday, Qubic has fallen from the top position in the Monero (XMR) mining pool rankings to seventh place. After the community discovered that the pool was openly implementing a network takeover, its hash power plummeted sharply, ultimately landing it in its current position as the seventh largest XMR mining pool.

In a blog post released on June 30, Qubic revealed that it has begun incentivizing Monero CPU mining through its own network. The mined XMR will be used to fund Qubic's ecosystem buyback and token burn program. The blog post stated, "QUBIC miners are now performing actual tasks (Monero mining), generating real market value, thereby strengthening the QUBIC economic system."

Sergey Ivancheglo, the founder of the crypto projects Qubic, NXT, and Iota, publicly acknowledged that his Qubic network is planning to take over the Monero network. He explained in a recent post on X platform that once they control the majority of the network's hash power, Qubic will reject blocks mined by other pools.

This action would mean that XMR mining would only be profitable on the Qubic pool, and it may only operate effectively on that pool. However, given the continuous decline in the pool's hash power, this threat seems to be diminishing.

In a post on X platform on Monday, Ivancheglo stated that starting next Wednesday, the Qubic pool will stop publicly reporting its hash power data—this measure was previously expected to be implemented after the pool controls the majority of the hash power. This move will make it difficult for outsiders to determine how much hash power Qubic actually controls over Monero and to assess the extent of the threat it poses to the network.

Ivancheglo claimed in the post that he is trying to find a countermeasure to address the attack he is planning. He explained that this is crucial for the entire cryptocurrency industry, "because one day we may all face a malicious attack."

In another post on X platform, Ivancheglo mentioned that discussions about his suspected location in Belarus have appeared in the Monero Reddit community. "I hope the bounty will not be issued in $XMR to avoid creating an incentive to drive its price to zero," he noted. One comment seemed to issue Ivancheglo an almost undisguised threat:

Monero, known as a prominent anonymous cryptocurrency, is renowned for its privacy-first design and high regard for anonymity. Over the years, it has become the preferred currency for payments of illegal goods and services on the dark web, with nearly half of black market trading platforms specifically accepting Monero payments.

Unstoppable Wallet analyst Dan Dadybayo explained that once Qubic controls 51% of the hash power, it will be able to isolate blocks, refuse transaction processing, delay confirmation times, suppress competition, and enforce protocol changes. He specifically pointed out that Ivancheglo has hinted that starting August 2, Monero users should be prepared to face isolated blocks and suggested only accepting transactions that have been confirmed 13 times.

Dadybayo further emphasized that although Qubic claims it has no intention of harming the Monero network, "the intent itself does not matter." He explained that centralization is essentially equivalent to risk, and the potential for censorship poses substantial harm to the network, concluding that the incentive mechanism has become a new form of attack vector:

"This is no longer about technical vulnerabilities. This is about a game of capital," he stated.

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Original: “Monero's 'Economic Attack' Triggers Strong Community Response”

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