Crypto Exchange Kaken has announced a temporary stop of Monero (XMR) icon sediments on its platform. This step comes in response to 51 % ongoing attack against Monero Blockchain, an open source and network protocol that focuses on privacy.
For context, the 51 % attack indicates a position in which a group of miners acquire more than 50 % of the Blockchain mining segmentation rate. On Tuesday, August 12, Qubic, the project of the co -founder of IOTA Sergey Evanchglu, claimed that he had controlled most of the Monero Blockchain.
According to the QBIC mining complex, the attack was carried out by 51 % using a useful work mechanism (climb or climb). As stated in Bitcoinist, the QBIC team gets half of the XMR mining profits, converted to USDT to buy icons QBIC, then send them to a burning address.
Why Kraken has suspended Monero’s deposits on her platform?
On August 15 update on its website, Kraken Declare It temporarily stops the deposit of the distinctive symbols on its trading platform after the discovery that the single mining group took control of more than half of the retail power in Blockchain.
The exchange of encrypted currency said:
This focus of mining power poses a possible threat to the safety of the network. We are watching the situation actively and we will resume deposits as soon as we decide that it is safe to do so. XMR trading and withdrawal are still fully working.
After issuing a QBIC claim, the reports arising from the social media platform X had already been reorganizing six blocks on Monero Blockchain, indicating that the team controls a large part enough of the retail rate.
As Kraken, it should be noted that the QBIC and control over the majority of Monero’s total retail power can be greatly harmful to the decentralized ethics of Blockchain technology. As – with Qubic Control of 51 % of the retail rateThe network is at risk of censorship of transactions, double spending, and re -organizing, undermining Blockchain.
XMR Overview
The XMR price reaction of these allegations was measured by a 51 % attack on Blockchain Monero. While Altcoin lost more than 10 % of its value immediately the news erupted and another 5 % in subsequent days, it appears that the distinctive Monero symbol recovered well.
From writing these lines, the Monero icon value is estimated at about $ 265, which reflects almost 12 % jump over the past 24 hours. Meanwhile, Coingecko data shows that Altcoin has decreased by only 4 % on the weekly timetable.
The price of XMR on the daily timeframe | Source: XMRUSDT chart on TradingView
Distinctive image from Istock, tradingvief chart
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