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Kraken suspends Monero deposits due to rising fears of a 51% attack, following an alarming shift in Monero’s hash rate.
Kraken crypto exchange detected that a single mining pool had gained control of more than half of the Monero network’s hash rate, triggering an immediate response. Kraken has suspended Monero deposits but confirmed that trading and withdrawals remain unaffected.
The pool in question, Qubic, is linked to IOTA co-founder Sergey Ivancheglo. His public admission of controlling 51% of the hash rate raised questions about the intent behind this maneuver. From my standpoint, the claim itself presents a direct challenge to Monero’s decentralization. Controlling over half of a network’s computing power allows for potential block reorganizations or double-spending, which directly undermines network trust.
Kraken crypto exchange stated that deposits will only resume once the network is deemed secure. Meanwhile, Monero dropped by around 6% and was trading at $257, according to TradingView.
Security at Risk as Hash Rate Centralizes
Ivancheglo argued that his actions aimed to “stress test” the network and reveal vulnerabilities. He insists the move will help the community respond to similar threats in the future. I would argue that this justification feels more like a retroactive rationalization than a real concern for the ecosystem.
From where I stand, intentionally reaching a 51% hash rate contradicts Monero’s core principles of privacy and decentralization. The risks here are real: censorship of transactions, halting confirmations, and possible double-spending events could destroy market confidence.
Still, some in the community view Ivancheglo’s move as a wake-up call. One user on Reddit commented, “At least now we know where our weak points are.” That said, I don’t agree with the method. The consequences of such experiments are too costly in a market already battling volatility.
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Kraken has suspended Monero due to real structural threats
This incident should be a turning point. Any blockchain that claims to be secure must ensure decentralization across miners. The Kraken crypto exchange acted responsibly by halting deposits. As far as I’m concerned, the move sends a clear message: security matters more than convenience.
Key stakeholders now need to evaluate the incentives for mining Monero. A single actor, regardless of intent, must never have majority control of the hash rate. Moving forward, the community will need to implement safeguards against similar takeovers.
