Memecoin Dogecoin has become the new target for the Qubic community — a blockchain project actively implementing artificial intelligence technologies. This decision was made following an internal vote, as announced by Qubic founder Sergey Ivanchiglo.
This is reported by Finway
Dogecoin Chosen as Next Target After Monero
According to Ivanchiglo, three ASIC-oriented Proof-of-Work networks were presented to the community for consideration: Dogecoin, Zcash, and Kaspa. As a result of the voting, the majority supported the idea of an attack specifically on Dogecoin. At the time the decision was made, this memecoin had a market capitalization of over $33 billion, according to CoinMarketCap, and received over 300 votes — more than any other option.
Experience of the Attack on Monero and Market Reaction
Last week, the Qubic team already conducted a 51% attack on the Monero network. The Qubic mining pool gained control over the majority of the computational power, allowing for the reorganization of six blocks after a month of resistance from other miners. At the same time, the Qubic team emphasized that:
“The core functionality of the Monero network remains unchanged. Its privacy, speed, and usability have not been compromised.”
However, Qubic also stated that it aims for the security of the Monero protocol to be ensured by its miners going forward.
These events have raised concerns in the crypto industry. The Kraken exchange temporarily suspended XMR deposits, citing “risk to network integrity due to 51% control.” After the resumption of deposits, 720 confirmations are now required for crediting, and the exchange reserves the right to suspend deposits again in case of additional risks. Furthermore, starting from June 2024, Kraken has completely ceased support for XMR in Ireland and Belgium.
It is worth noting that prior to the attack on Monero, the Qubic team publicly warned about its intentions.