Monero is a privacy-focused coin designed to provide secure, anonymous, and untraceable transactions. Unlike transparent blockchains such as Bitcoin and Ethereum, Monero conceals the sender, receiver, and amount for every transaction, and is popular among users who value financial privacy and freedom.
“As a security precaution, we have paused Monero (XMR) deposits after detecting that a single mining pool has gained more than 50% of the network’s total hashing power. This concentration of mining power poses a potential risk to network integrity.
We are actively monitoring the situation and will resume deposits once we determine it is safe to do so. Trading and withdrawals for XMR remain fully operational.”
Monero’s price has fallen by as much as 14%, with the episode reigniting concerns about the centralization of mining in privacy-centric cryptocurrencies and the market impact of such attacks.
“To be honest, we kind of deserve this…
Zero unified pushback, no official statements, outdated website, passive devs.
Meanwhile Qubic, despite not actually hitting 51%, are winning the info war simply by being loud.
Monero community looks weak.
It’s both pathetic.”
As exchanges like Kraken take protective action, the broader crypto community will need to reconsider the resilience strategies for networks with smaller mining populations, as regulators highlight the added risk of privacy coins in centralized trading environments.
