Warning: This Altcoin May Have Been Hijacked – Exchange Analysts Raise Alarm Over Possible Price Drop

The research team at cryptocurrency exchange BitMEX has published an analysis of claims that a mining group called Qubic has gained majority control of the Monero (XMR) network.

According to information shared by BitMEX Research, a deliberate six-block reorganization (blockchain reorganization) believed to be caused by Qubic has been detected. This reorganization is relatively short, as the target block time on the Monero network is 2 minutes. Analysts noted that there was no evidence of a double-spend attack; rather, it was likely selfish mining aimed at obtaining higher block rewards.

Data shows that Qubic initially controlled approximately 20% of the Monero network, but has increased this share to over 30% through hashrate leasing. BitMEX noted that while Qubic hasn’t reached a 51% majority, theoretically exceeding the 33% threshold could make selfish mining profitable as long as the coin’s price remains stable.

Analysts, noting that Qubic also has its own token, QUBIC, noted that these activities may be aimed at increasing the token’s price, but the ultimate goal is unclear. Qubic, in a published article, claimed to control more than 51% of the Monero network. BitMEX, however, is skeptical of this claim.

Analysts emphasized that Qubic’s ultimate goal could be to capture all of Monero’s block rewards, but it’s unclear whether this will be possible. If this happens, the value of Monero could plummet.

BitMEX also advised exchanges accepting Monero to increase the number of confirmations required for deposits to mitigate potential risks.

*This is not investment advice.