A $300 million AI protocol claims a "51% attack" on $4.7 billion Monero.

This article is machine translated
Show original
Photo - AI Image
Photo - AI Image

AI-based protocol Qubic claims to have successfully conducted a '51% attack' on the Monero network. The fact that a project with a market capitalization of $300 million could threaten a network worth $47 billion is causing significant shock in the market.

Qubic presented on-chain data, stating that it mined 63 out of 122 blocks (approximately 51.6%), thus securing a majority hash rate. However, they claim they did not actually execute the attack, describing it as a 'benevolent experiment' to help Monero prepare for potential government attacks.

Security experts questioned the actual success of the attack due to a lack of independent verification, but some analyzed that up to 6 block reconstructions were confirmed in Monero, suggesting the attack was successful.

The key point is the 'possibility of attack' itself. Qubic uses mining computational power to run AI models, securing higher profitability than existing miners. This economic advantage effectively proves the potential to threaten other networks at any time.

Experts estimated the cost of maintaining network control at $75 million per day. This is feasible with sufficient funding, revealing a serious disconnect between market value and actual security strength.

This has significant implications in Korea. In a situation where privacy coins are regulated by special financial transaction laws, Monero's vulnerability suggests that authorities' concerns have realistic grounds.

Whether Qubic's actions truly 'helped' Monero remains uncertain. However, it has left the blockchain industry with the task of redesigning security models from an economic perspective, beyond mere technological superiority.

Sector:
Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments