Monero Hit by Possible 51% Attack—Ledger CTO Warns of Takeover
Charles Guillemet, Ledger’s chief technology officer, dropped a concerning tweet earlier today. According to him, Monero—the privacy-focused cryptocurrency that’s been a thorn in the side of regulators for years—might be in the middle of a successful 51% attack. And if he’s right, things could get messy.
A 51% attack isn’t just some minor hiccup. It’s the kind of thing that can rewrite transaction histories, enable double-spending, and basically turn a blockchain inside out. Guillemet says the Qubic mining pool has been quietly building up its hashrate over the past few months. Now, it looks like they’ve crossed the line into majority control.
How Bad Could This Get?
Guillemet didn’t mince words. “With its current dominance, Qubic can rewrite the blockchain, enable double-spending, and censor any transaction,” he wrote. That’s… not great. Monero’s whole thing is privacy and resistance to censorship. If one entity calls the shots, that reputation could crumble overnight.
What’s wild here is the scale. Qubic isn’t exactly a giant—it’s a smaller blockchain sitting around 222nd in market cap, worth maybe $300 million. Monero, on the other hand, is a top-30 coin with a $6 billion valuation. As Guillemet put it: “A $300 million chain is taking over a $6 billion one.” That doesn’t happen every day.
Why This Might Be Hard to Stop
The numbers aren’t comforting. Guillemet estimates pulling off an attack like this costs around $75 million per day. But if Qubic keeps pushing, other miners might just walk away. Why waste resources on a network where you can’t compete? If that happens, Qubic could end up as the only miner left standing.
Monero’s options for recovery? Slim, according to Guillemet. “A full takeover is now possible and even likely,” he said. The coin’s price seems to agree—XMR has already dropped about 13% since the news started spreading.
Monero’s had a rough ride over the years. Banned from most major exchanges, constantly under scrutiny from regulators—it’s not exactly had an easy time. But a 51% attack? That’s a whole different level of trouble.
For now, all eyes are on Qubic. Whether this is a short-lived power grab or the start of something worse, nobody’s sure yet. But one thing’s clear: if you’re holding XMR, you might want to keep a close watch.
