Monero was successfully attacked; XMR is insecure & centralized Qubic can rewrite XMR's history, censor & double-spend TXs! All PoW chains are vulnerable, as their security budget is abysmal compared to PoS The attacks will continue, foreshadowing BTC's fall; PoW is cooked! 🧵 The Full Story: It all started out in May as a way to optimize profit for the Qubit validators, as they were able to dedicate spare compute cycles to mine XMR on the side (2% of XMR hashrate) This ended up being so successful that Qubic formalized its decision by June to fully integrate XMR to help fund the Qubic ecosystem. This led to the Qubic mining pool growing rapidly (10% of XMR hashrate) It was at this point that Qubic started offering additional token incentives for their pool. Attracting more of the pre-existing XMR miners to join. As Qubic was now able to offer 3x the reward of standard XMR pools! Only after all of this did Qubic publicly announce its intention to "take over" the XMR network! By late July, the Qubic hash rate was approaching a majority share (38% XMR hashrate) according to Qubic Qubic itself was framing this as a "demonstration of power" rather than a malicious attack. Calling it a "tech demo" for decentralized AGI computing... There were DDoS attacks against Qubic starting on the 5th of August, which slowed down Qubic's hashpower accumulation. This counterattack was not enough; As on the 11th of August, the "selfish miner" attacks began, which allowed the Qubic mining pool to reach a "majority" share of hashpower by the 12th of August: To prove their control over the network, they claimed to do a 6-block re-org. While orphaning over 60 blocks in the process. Some researchers have disputed this claim. What we do know is that they gained a majority share of hashpower over a 100 block time period. This absolutely does allow Qubic to rewrite XMR's history, destroying XMR's assumed immutability, censorship resistance & trustworthiness This also allows Cubic to carry out double-spend attacks, which could potentially defraud people out of a lot of money. Which is exactly why most major exchanges have suspended withdrawals & deposits. Because they run the risk of getting ripped off by Qubic if they choose to exploit this vunrability ...