The Monero network experienced 60 orphaned blocks in the past 24 hours, according to the Monero Consensus Status dashboard.
An orphaned block is a valid block excluded from the main chain when another block at the same height is accepted first.
The disruption happened during a Qubic attack involving selfish mining. In selfish mining, a miner with a large share of hashrate withholds blocks and publishes them at strategic times. This allows the miner to overtake the public chain and cause other miners’ work to be discarded.
Qubic miners are redirecting their computing power to mine Monero (XMR), selling the rewards, and using the proceeds to buy and burn Qubic tokens. In return, they are paid in QUBIC tokens. Under this structure, Qubic miners reportedly earn more than regular Monero miners.
Monero Price Falls Over 8% in 24 Hours
The Monero price is currently $254.75, showing a sharp decline from the $276.95 level marked by the 50-period EMA on the 4-hour chart. This drop represents a fall of more than 8% within the past 24 hours, following the reported Qubic attack on the Monero network.
Data from CoinMarketCap confirms the decline began after the network recorded 60 orphaned blocks and public claims from Qubic about achieving a 51% attack. The 4-hour chart shows a clear break below recent consolidation levels near $262.50, accompanied by a rise in sell volume.
A 51% attack occurs when a single entity controls more than half of the network’s mining power, enabling it to rewrite transactions or block them entirely. The increased selling pressure and breach of short-term support align with concerns over the security of the Monero blockchain during the ongoing disruption.
Qubic Founder Confirms Selfish Mining
Sergey Ivancheglo, founder of Qubic, confirmed in an X post that the Qubic attack uses selfish mining. He stated:
“Qubic has achieved 51% over Monero… waiting for independent confirmations.”
In blockchain terms, a 51% attack happens when a single miner or group controls more than half of a network’s mining power. This control can allow double-spending or transaction censorship. Zhong Chenming, co-founder of cybersecurity firm SlowMist, wrote on X:
“This time the 51% attack on Monero seems to have succeeded… In theory, the Qubic mining pool can now rewrite the blockchain, achieve double-spending, and censor any transactions.”
Monero Hashrate Data Shows Conflicting Numbers
The total Monero hashrate is estimated at 5 GH/s, according to CoinWarz. Qubic data claims a peak hashrate of 3.01 GH/s, which would be enough for a majority, but shows a current rate of 2.08 GH/s, below the threshold for a 51% attack.
Monero Consensus Status also shows that unknown pools and solo miners — a group including Qubic — mined nearly 30% of blocks on August 11. This could indicate temporary majority control or a significant minority share of the Monero hashrate.
Luke Parker, lead developer at SeraiDEX, disputed that a confirmed 51% attack took place. He noted that a six-block-deep network reorganization with orphaned blocks “does not mean a ‘51% attack’ was successful.”
“It does mean an adversary with a high amount of hash got lucky,” Parker said.
Hack War Between Monero and Qubic Intensifies
The Qubic attack began in late July, when the Monero network community detected what they described as an economic attack. The approach offers Qubic miners higher payouts than Monero miners to draw hashrate away from the Monero network.
Ivancheglo claimed that Monero disrupted Qubic’s selfish mining system, prompting him to fix it. Earlier, he accused Sergei Chernykh, a developer for Monero mining software XMRig, of launching a denial-of-service (DDoS) attack on Qubic’s mining pool. Chernykh denied the accusation.
Niko Demchuk, head of legal at AMLBot, said the Qubic attack could be classified as “computer sabotage” or “unauthorized access” under Belarusian and European Union law. While there is no specific statute for a 51% attack, Belarus’ cybercrime rules could apply if blockchain manipulation disrupts protected systems.
Monero Price Forms Descending Triangle, Signals Potential 15% Decline
The chart, created on August 12, 2025, shows Monero (XMR) against the U.S. dollar on a one-hour timeframe from Kraken exchange data. The price is trading at $253.45, positioned below the 50-period exponential moving average (EMA) at $264.78. A descending triangle pattern is clearly visible, marked by a series of lower highs meeting a horizontal support zone around $252.
A descending triangle is a technical chart pattern often considered a bearish formation. It develops when sellers consistently push the price down from lower highs, while buyers maintain a steady support level. Over time, the pressure from the descending highs increases the likelihood of a breakdown below the support line. The horizontal base in this chart lies close to $252, with repeated tests of this level, while the upper descending trendline connects peaks from earlier in the month.
If the descending triangle breaks to the downside, the price target is often calculated by subtracting the pattern’s height from the breakdown point. In this case, the measured move projects a potential drop of around 15% from the current price, which would place XMR near $215.75. The volume profile supports this possibility, as spikes in selling volume have aligned with price rejections from the descending trendline.
The chart also shows that Monero previously attempted short-lived rebounds toward $262–$264 but faced immediate selling pressure. The consistent failure to break above the EMA strengthens the bearish bias in this setup. If the breakdown occurs with increased volume, the projected level of $215.75 could act as the next major support zone.