Overview

• Kraken has continued to pause Monero deposits since August 16, keeping trading and withdrawals active to guard against potential double-spend attacks.
• On August 12, Qubic, led by Sergey Ivancheglo, claimed to command over 50% of Monero’s hashrate and performed a six-block chain reorganization that orphaned about 60 blocks.
• Heightened P2Pool adoption and coordinated miner redirection have reduced Qubic’s relative hashing power and smoothed hashrate distribution.
• No confirmed double-spend losses have emerged and XMR has rebounded to around $260 after falling by as much as 19% earlier in the week.
• The episode has intensified debate over mining centralization, spurred calls for stronger protocol safeguards, and drawn criticism of slow developer communication.