QUBIC CLAIMS MAJORITY CONTROL OF MONERO HASHRATE

Summary from the TLDR Crypto newsletter

The Qubic mining pool, led by former IOTA co-founder Sergey Ivancheglo, claims to control over 51% of Monero's hashrate, potentially enabling it to reorganize blocks, censor transactions, and execute double-spend attacks on the privacy-focused blockchain. The project's hashrate share surged from under 2% in May to over 25% by late July through a "useful proof-of-work" model that converts Monero mining rewards into USDT to buy and burn QUBIC tokens. While Ivancheglo frames this as a stress test to help Monero prepare for future threats, industry experts, including Ledger's CTO, have warned of a live 51% attack in progress, with some questioning Qubic's economic model and claims. Monero's price has declined 6.65% in 24 hours and 16% over the past week amid the controversy and security concerns.