Monero Faces 51% Attack: AI Protocol Qubic Claims It Offers Assistance to the Privacy Coin
In a recent announcement, Qubic, a proof-of-work blockchain that uses computational power to help propel its AI model, claimed to have temporarily achieved control of 51% of the hash rate of Monero, a prominent proof-of-work chain. However, independent verification of this claim has been elusive.
Qubic's leader, Sergey Ivancheglo (known as Come-from-Beyond), stated that the attack was aimed at helping Monero prepare for future fights against three-letter government agencies. Qubic publicly announced that it had gained majority control of Monero’s hashrate and reorganized blocks, calling it a demonstration of their "Useful Proof of Work" model.
However, independent analysis, such as from the RIAT Institute, found no evidence confirming Qubic actually controlled over 51% of Monero's total network hashrate. They reported Qubic’s self-reported max was about 2.6 GH/s versus Monero's network hashrate of 6.25 GH/s, which is well below 50%. Furthermore, independent verification would require provable on-chain evidence such as a published view key to confirm mining activity linked to Qubic, which was not provided.
While Qubic did gain a significant share of Monero hashpower and caused temporary disruptions like API shutdowns and exchange deposit suspensions, there is no confirmed evidence that the network consensus was permanently compromised or that a genuine, sustained double-spend occurred. Critics argue the event was more of a publicity stunt or demonstration rather than a genuine, independently verified 51% attack.
James Shuman, head of security at Horizen Labs, stated that Qubic had selected a specific window of about four hours that did not confirm a 51% attack or indicate sustained consensus control of the network. Horizen Labs pointed out the lack of independent verification as a concern.
Retrodrive from Qubic stated that proof of the 51% attack on Monero is "on-chain and easy to verify." However, when asked to provide specific evidence, Retrodrive mentioned that in a window encompassing 122 blocks, Qubic mined 63 blocks, surpassing the KPI of 51% blocks.
The event is being questioned by some experts due to the lack of independent verification. A representative of AMLBot investigations team stated that the cost of maintaining control of the Monero blockchain is extremely high, estimated at $75 million per day by Ledger CTO Charles Guillemet. Despite this, no such financial investment has been traced back to Qubic.
In summary, while Qubic's claim of a successful 51% attack on Monero is disputed and not supported by independent verification, the event serves as a reminder of the potential vulnerabilities in proof-of-work networks. The need for diversifying hash and making decentralized defaults the norm, as suggested by Shuman, becomes even more crucial in light of such incidents.
- Qubic, an Ethereum-based project, claims to have temporarily controlled 51% of the hashrate of Monero, a well-known Proof-of-Work cryptocurrency.
- The leader of Qubic, Sergey Ivancheglo, explains the attack was aimed at helping Monero prepare for future fights against government agencies.
- Using a "Useful Proof of Work" model, Qubic publicly announced gaining majority control of Monero's hashrate and reorganizing blocks.
- Independent analysis, such as from the RIAT Institute, found no evidence confirming Qubic actually controlled over 51% of Monero's total network hashrate.
- Although Qubic gained a significant share of Monero's hashpower, causing temporary disruptions, independent verification revealed no permanent compromise of the network consensus or genuine, sustained double-spend.
- Critics argue the event was more of a publicity stunt or demonstration rather than a verified 51% attack, and evidence supporting the claim is elusive.
- James Shuman, head of security at Horizen Labs, highlighted a specific four-hour window in which the attack did not confirm a 51% attack or sustained consensus control of the network.
- Retrodrive from Qubic asserts that proof of the 51% attack on Monero is "on-chain and easy to verify," but refuses to provide specific evidence when asked.
- The incident raises concerns about the potential vulnerabilities in Proof-of-Work networks and emphasizes the importance of diversifying hash, making decentralized defaults the norm, and improving cybersecurity in the crypto market, as suggested by Shuman.
