Dogecoin Targeted for Potential 51% Attack Following Monero Incident

According to BlockBeats, Qubic, the entity behind the recent 51% attack on Monero, has announced that the story is far from over. Following a community vote this week, Dogecoin, with a market capitalization exceeding $35 billion, has been identified as the next potential target for an attack. On August 12, Qubic executed a 51% attack on Monero, leveraging economic incentives to achieve this feat. The attack involved utilizing the "Useful Proof of Work (uPoW)" mechanism to rapidly accumulate significant Monero (XMR) computing power. This allowed Qubic to temporarily control 52.72% of the Monero network's hash rate, resulting in the reorganization of six blocks and the creation of 60 orphan blocks. Preliminary reports indicate that within two hours, Qubic mined 80% of Monero's total blocks. The incident has raised concerns within the cryptocurrency community, as it demonstrates the vulnerabilities of blockchain networks to such attacks. The detailed report of the Monero attack can be found in the article titled "$75 Million Attack on a $5 Billion Giant: What Are They Really After?"