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Monero (XMR) has staged a notable rebound, climbing 4% to $276 on August 18 after briefly sinking to $233 on August 15 amid reports of a potential 51% attack. The sudden price recovery has sparked debate across the crypto community, with questions now swirling around the legitimacy of Qubic mining pool’s claims.
The Initial Shock
Earlier in the week, panic spread after several outlets reported that Qubic had gained control of more than half of Monero’s total hashing power—a critical threshold that could, in theory, allow the pool to manipulate transactions. The news triggered a sharp sell-off and prompted exchanges such as Kraken to temporarily suspend XMR deposits as a precaution.
A Swift Rebound
Yet within 72 hours, Monero defied the bearish narrative. While much of the wider crypto market traded in the red, XMR surged back above $270, positioning itself as one of the few altcoins showing strength during the downturn. This rapid recovery raised eyebrows, especially as traders began challenging the validity of Qubic’s announcement.
Was the 51% Claim Overstated?
Some Monero advocates argue that the “attack” may have been exaggerated. A trader posting under the handle Smart Degen on X suggested that Qubic only controlled around 38% of Monero’s hash rate—well below the 51% threshold needed for a true majority attack. Others accused Qubic of inflating its numbers to scare miners into joining its pool, using fear of lost profitability as leverage.
Source: create.vista.com
Lingering Concerns
Despite the bounce, not everyone is convinced that Monero is out of danger. Critics note that even with roughly 35–38% control, a single mining pool still poses a concentration risk. The controversy underscores the delicate balance between Monero’s decentralization and the security challenges inherent in proof-of-work networks.
The Takeaway
While Monero’s quick price rebound highlights the resilience of its community and network, the episode has reignited conversations about mining centralization. Whether Qubic exaggerated or not, the event serves as a reminder that even privacy-focused cryptocurrencies are not immune to governance and security risks.
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