Monero Plunges 8% After Qubic’s Claimed 51% Selfish Mining Attack
Monero price plunged over 8% to $254.75 after Qubic’s mining pool allegedly executed a 51% selfish mining attack, orphaning 60 blocks in 24 hours. Qubic founder Sergey Ivancheglo confirmed majority hashrate control, but Monero Consensus Status and CoinWarz report total network hashrate around 5 GH/s versus Qubic’s claimed 3.01 GH/s peak. Analysts debate whether this was a full 51% breach or a lucky reorganization. The attack diverted hash power to mine XMR and burn QUBIC tokens, triggering a “hack war” of mutual DDoS accusations that has shaken network security confidence. On the charts, Monero broke below the 50-period EMA on the 4-hour timeframe and formed a descending triangle near $252 support on the 1-hour chart. A confirmed breakdown could drive XMR toward $215.75, highlighting the market impact of selfish mining and the vulnerability of concentrated hashrate. Traders should monitor hash-rate distribution and Monero developer responses for mitigation.
Bearish
The news of Qubic’s alleged 51% selfish mining attack undermined confidence in Monero’s network security and triggered an immediate price drop of over 8%. Technical signals—break below the 50-period EMA and a descending triangle breach—point to further downside toward $215.75. In the short term, increased volatility and selling pressure dominate as traders react to heightened risk. Long-term recovery will depend on network response and hashrate decentralization, but current momentum and sentiment are bearish.