Qubic’s Alleged 51% Attack: From Monero to Dogecoin Targets

The crypto project Qubic has used its computing power and artificial intelligence to attempt to control the Monero (XMR) blockchain. Now, it plans to target Dogecoin (DOGE).

A nightmare of the crypto industry goes by the name of a 51 percent attack, and a recent lesson revolves around one such attack. The Qubic project claimed to have successfully attacked the leading privacy coin Monero (XMR) with a 51 percent attack. While this subsequently turned out to be an exaggeration, it is certainly worrying – now Qubic wants to target Dogecoin (DOGE). What’s behind these events?

1. If a 51 percent attack succeeds, it means that a single decision-maker controls more than 50 percent of the computing power that is supposed to guarantee the decentralization of a blockchain. Qubic’s CEO is Sergey Ivancheglo, known in the crypto scene as Come-from-Beyond (CFB) and a former co-founder of IOTA.
2. When CFB claimed online that his project Qubic had cracked Monero with a 51 percent attack, the XMR price curve plummeted sharply into negative territory, while Qubic gained 20 percent. Monero ranks around 25th on the list of the most capitalized cryptocurrencies, while Qubic is behind at 200th.
3. The news that Qubic had successfully combined its own computing power with artificial intelligence to virtually take over Monero was a promotion for the smaller project. However, an analysis by expert Shai Wyborski revealed that the 51 percent target had not been reached.
4. CFB says Qubic didn’t intend to manipulate Monero. Instead, he viewed the attack as an attempt to lure computing power to Qubic. It’s not a particularly good move—but anyone who takes decentralization seriously must deal with such tactics.
5. This is what Dogecoin (DOGE) is supposed to learn. The leading meme coin has been chosen by Ivancheglo, aka Come-from-Beyond, and the Qubic community as its next target . Experts doubt whether Dogecoin is truly vulnerable to Qubic.
6. After IOTA, CFB focused on artificial intelligence as a hot topic in the crypto industry. Therefore, he is looking for computing power to train his AI more quickly. He claims he has no intention of influencing the integrity of Monero and Dogecoin – but anyone who thinks decentralized can never trust such promises.
7. The sentiment of influencers like Untraceable seems to be gaining traction in the Monero community. Despite all the anger towards CFB, the consensus is that we need to take responsibility and strengthen Monero’s decentralization.

Conclusion: Qubic and CFB’s PR stunt is not over yet

Even if you, as a Bitcoin investor, aren’t interested in technological details, Qubic’s alleged 51 percent attacks could inspire imitators with greater computing power. In the past decade, 51 percent attacks were used for “double spending.” What Sergey Ivancheglo wanted to demonstrate with Monero was a further development.

His departure from IOTA was anything but smooth, and CFB is currently enjoying considerable attention on X. Incidentally , Qubic is said to remain active in the Monero network during preparations for an attack on Dogecoin . The final chapter in this lesson on decentralization, 51 percent attacks, and PR stunts may not even have been written yet.

__

(Featured image by Markus Winkler via Unsplash)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.