Monero (XMR) Faces Successful 51% Attack, Ledger CTO Says, XMR 13% Down

Key Points

1. Ledger CTO Charles Guillemet reported that Monero, a privacy-focused blockchain, is facing a successful 51% attack from the Qubic mining pool.

2. Qubic, with a market cap of $300 million, is taking over Monero, which has a $6 billion market cap, highlighting the severity of the attack.

3. The attack costs approximately $75 million per day to sustain, and Qubic may become the sole miner of XMR, potentially leading to a full network takeover.

4. Monero's price dropped by 13% following the attack, reflecting market concerns over the network's security and stability.

5. Monero, launched in 2014, is already banned from most major centralized exchanges, adding to its challenges amid the attack.