Ledger CTO: Monero has detected a chain reorganization event this morning, and Qubic has gained control of that chain thanks to its Computing Power advantage.

Odaily News Ledger Chief Technology Officer Charles Guillemet posted on X, stating that Monero appears to be experiencing a successful 51% Attack. This privacy-centric blockchain was born in 2014 and has long been targeted by governments and law enforcement agencies around the world, and is now delisted by most mainstream Centralized Exchanges. Qubic Mining Pool has been accumulating Computing Power for months and now controls the majority of the network’s Computing Power. A significant chain reorganization event was detected this morning, and with the current advantage, Qubic can arbitrarily rewrite the blockchain, implement double spending attacks, and review any transactions. Maintaining such an attack costs about $75 million per day. While the potential profits are considerable, it could almost overnight destroy the entire network’s trust foundation, and other Miners will lose the motivation to continue Mining—because Qubic can easily isolate any competing blocks, effectively becoming the sole Miner. This is equivalent to a $300 million market capitalization chain (Qubic) taking over a $6 billion (Monero) chain. Monero’s options for response are very limited, and a complete collapse is not only possible but may have already become a foregone conclusion.