Following its successful takeover of the majority hashrate in the Monero (XMR) network, the Qubic community has voted to target Dogecoin (DOGE) as the next victim of a 51% attack, with over 300 community members supporting the decision.

Key Developments:

• The attack on Monero led Kraken exchange to suspend deposits, raising concerns about the security of Proof-of-Work (PoW) systems, though Monero’s core functionality remains unaffected.

• Qubic’s founder claims the motivation is to redirect electricity wasted on PoW to artificial intelligence (AI) purposes but has not disclosed specific details.

• Experts are divided on the success of the attack: Monero developers deny a full takeover, while cybersecurity firm SlowMist warns that Qubic may already possess the ability to censor transactions and rewrite the blockchain.

Implications for Dogecoin:
As a top-ten cryptocurrency by market cap, Dogecoin could trigger market-wide ripple effects if attacked. However, it remains unclear whether Qubic can overcome its larger hashrate defenses.

Broader Risks and Controversies:
The incident exposes potential vulnerabilities in PoW mechanisms. Qubic’s plan to leverage controlled hashrate for token buybacks and burns continues to fuel debate.

Author: Amin Ayan
Compiled by: Saoirse, Foresight News

Full Analysis:

Qubic’s Strategic Shift to Dogecoin
Days after claiming control over most of Monero’s hashrate, the Qubic community has voted to target Dogecoin (DOGE) for its next 51% attack. The move signals an aggressive expansion of Qubic’s campaign to dominate PoW networks.

The Monero Precedent
Qubic’s announcement last week that it had seized majority control of Monero’s hashrate sent shockwaves through the crypto industry. After a month-long battle with Monero miners, Qubic’s mining pool successfully reorganised six blocks. According to MiningPoolStats, the pool’s hashrate currently stands at approximately 2.32 GH/s, making it the most powerful in the Monero network.

While Qubic emphasised that Monero’s core features—including privacy and transaction speed—remain intact, it revealed its "ultimate goal" is to have Qubic miners safeguard Monero’s security. The attack forced Kraken to temporarily suspend Monero deposits, citing "potential risks to network integrity." Withdrawals and trading were unaffected, and deposits are expected to resume once exchanges deem the network stable.

Motivations and Divergent Perspectives
When questioned about the motivation behind the attacks, Qubic founder Sergey Ivancheglo (known as "Come-from-Beyond" in crypto circles) stated on X: "Vast amounts of electricity are wasted on meaningless Proof-of-Work. We need to redirect this power to artificial intelligence." He added, "These words may sound unclear now, and I cannot reveal more at this time, but everyone will understand in the future."

Despite Qubic’s claims of a complete takeover, Monero developers have pushed back. Luke Parker, lead developer of SeraiDEX, argued that the reorganization of six blocks does not conclusively prove a successful 51% attack, suggesting it might simply indicate "an attacker with substantial hashrate got lucky."

However, others hold contrasting views. Zhong Chenming, co-founder of cybersecurity firm SlowMist, stated that the attack "appears successful" and warned that Qubic’s pool could theoretically rewrite the blockchain and censor any transaction.

Economic Incentives and Dogecoin’s Vulnerability
The confrontation began in late June when Qubic announced it would repurpose its PoW model—originally designed for AI-related tasks—to mine Monero. The Monero (XMR) obtained through mining will be used to buy back and burn Qubic tokens, creating a direct economic incentive for Qubic to dominate the Monero network.

Qubic’s expansion plans have sparked fresh concerns about PoW-based cryptocurrencies. By targeting well-established networks like Dogecoin, the project is testing the resilience of some of crypto’s most mature blockchains. A 51% attack occurs when a single entity controls most of a network’s mining hashrate, enabling double-spending and block reorganizations.

Although Dogecoin’s larger size makes it a more challenging target, the Qubic community’s vote demonstrates clear intent to attempt an attack. As one of the most recognizable meme coins and a top-ten digital asset by market cap, any disruption to Dogecoin could send ripple effects throughout the crypto market.

Editor’s Note:
This incident highlights evolving threats to PoW networks and the need for robust defensive strategies. While Qubic’s ambitions blend technological experimentation with economic incentives, the ethical and practical implications of such attacks remain contentious.