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Monero miners lampoon Qubic's thwarted 51% attack as publicity stunt
Monero miners lampoon Qubic's thwarted 51% attack as publicity stunt

Yahoo

time2 days ago

  • Business
  • Yahoo

Monero miners lampoon Qubic's thwarted 51% attack as publicity stunt

Absolutely not. This was essentially the reaction from Monero's community after IOTA co-founder Sergey Ivancheglo declared that his Qubic mining pool was aiming to capture more than half of the privacy coin's mining power. The Monero community banded together to halt Qubic's takeover in July after it grabbed up to 40% control of the decentralised mining matrix, up from just 2% in May. 'The Monero community pushed back: by late July 2025, Qubic's share fell to 10% to 15% after a coordinated boycott,' Dan Dadybayo, an analyst at Unstoppable Wallet, told DL News. Qubic's hashrate is under 14% as of reporting time. But Dadybayo warned that unless the blockchain's community makes some structural changes, then 'this can happen again.' Qubic's failed takeover underscores how so-called 51% hashrate attacks remain a threat against decentralised finance projects. Publicity stunt As for why Qubic would even attempt the hash grab gambit, some respondents say the entire affair was a publicity stunt. Qubic was trying to 'drum up chatter' for its 'meaningless cryptocurrency,' Seth, the pseudonymous vice president of Cake Wallet, a crypto wallet platform, told DL News. The Qubic token surged more than 70% in the last two weeks, while Monero is down 5% within the same period. Seth said Qubic's business model relies on selling the Monero coins that it mines, which means a harmful attack on the blockchain would not be in its best interests. Ivancheglo said the move wasn't malicious and that the team was trying to showcase its capabilities while also spreading awareness of the risks of a 51% hashrate takeover. 'This is very important because one day we may all face a non-benevolent attack,' Ivancheglo wrote on X. 51% attack Malicious actors that launch 51% hashrate attacks often do so to extract value from a blockchain network. By controlling more than half of a blockchain's hashpower, bad actors can reorder transactions to double-spend cryptocurrencies. Blockchains like Firo, Ethereum Classic, and Bitcoin Gold have suffered such attacks in the past, with millions syphoned. And Dadybayo says Monero shares a common risk factor with those blockchains: a weak security budget. A blockchain's security budget is the amount of value paid to miners or validators to secure the network and can be in the form of block subsidies, staking rewards, and transaction fees. Dadybayo reckons Monero's security budget is just weak enough to encourage hash grab attempts. But some analysts don't see Qubic as a threat in that regard. 'They have yet to demonstrate an ability to control consensus [and] their hash power has wildly fluctuated, and even at peak, it'd have to roughly double and be sustained to perform any 51% attacks on Monero,' Luke Parker, lead developer of Serai, a decentralised exchange, told DL News. Seth said he had 'extreme doubts' that a 51% attack by Qubic could even materialise and that the goal is to reduce trust in Monero. But such soft attacks can also be devastating, according to Dadybayo. Even if a double-spend attack doesn't occur, real users can lose confidence in the blockchain, Dadybayo argued, while adding that a reputational collapse is just as bad as a technical one. Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Nordic Crypto Expansion: 21Shares Lists Five New ETPs in Stockholm
Nordic Crypto Expansion: 21Shares Lists Five New ETPs in Stockholm

Arabian Post

time19-06-2025

  • Business
  • Arabian Post

Nordic Crypto Expansion: 21Shares Lists Five New ETPs in Stockholm

Zurich-based 21Shares AG has extended its reach in the Nordic financial market by adding five cryptocurrency exchange-traded products to Nasdaq Stockholm, taking its total offerings on the Swedish exchange to ten. The newly cross-listed products—Uniswap, Avalanche, Bitcoin Gold, Solana Core Staking and Ethereum Core —join the firm's existing Bitcoin, Ethereum, Solana, XRP and Bitcoin Core ETPs. This move reflects mounting interest among both retail and institutional investors in regulated access to a broader range of digital assets via established trading venues. With the latest additions, 21Shares reinforces its position as a leading provider of physically backed, transparent crypto investment products in Europe. Mandy Chiu, Head of Financial Product Development at 21Shares, highlighted that the expansion enables investors to craft more bespoke portfolios. 'By offering a broader selection of single‑asset and thematic crypto ETPs, we're empowering investors to build more customised and resilient portfolios through a familiar exchange environment,' she said. Nasdaq's European ETF & ETP head, Helena Wedin, welcomed the new suite, noting such innovation as shaping the future of capital markets. ADVERTISEMENT The newly listed ETPs offer exposure to distinct niches within the crypto ecosystem. AUNI provides a stake in Uniswap, the leading decentralised exchange. AVAX tracks Avalanche, a platform noted for its scalability. BOLD focuses on Bitcoin Gold—a fork designed to democratise mining. CSOL delivers both Solana price exposure and staking yield, while ETHC covers Ethereum's core asset. These additions allow investors to target specific segments, from DeFi protocols to next‑generation blockchains and staking-enabled assets. All 21Shares ETPs are physically collateralised and traded under regulated frameworks, removing the burden of wallet management and key custody. Fees range from 0.21% to 2.50% annually, offering a competitive alternative to direct crypto exchange transactions. The firm's products are also listed on Euronext Paris, Amsterdam, London and SIX Swiss Exchange, contributing to a diversified pan-European presence. This latest development comes as Europe prepares for implementation of the Markets in Crypto‑Assets Regulation, aimed at standardising crypto oversight. More listings on regulated exchanges help issuers align with the evolving regulatory landscape. 21Shares' strategy compares with best-in-class players in traditional finance pushing crypto integration. From Bitcoin and Ethereum to platforms like Solana and Avalanche, the firm's growing suite meets demand both for mainstream exposure and thematic investment strategies. Despite these advances, some challenges persist. Liquidity conditions for less‑traded tokens such as Bitcoin Gold can be thin, and tracking discrepancies may emerge between product performance and spot prices. Fees, while competitive, can vary significantly: niche products may carry noticeably higher rates, impacting returns. Nevertheless, for investors seeking regulated and familiar vehicles, the benefits are tangible. ETPs provide access through existing brokerages, transparency under established compliance standards and relief from the technical complexity of self-custody. This expansion also underscores Nasdaq Stockholm's evolving role as a hub for crypto‑linked financial instruments. Stockholm's regulatory environment and market infrastructure make it attractive for issuers and investors alike. The increased product diversity enhances its appeal to both domestic and regional markets. Beyond booming local interest, 21Shares continues to push forward globally. In the US, the firm is pursuing approvals for a suite of spot crypto exchange-traded funds—including for Solana, XRP, Dogecoin, Polkadot, and Sui—as it seeks to replicate its European success. Additionally, its ARK 21Shares Bitcoin ETF underwent a 3‑for‑1 stock split on 16 June to enhance accessibility. Since launching the first physically backed crypto ETP in 2018, 21Shares has built a track record of innovation and adaptation. Backed by deep market expertise and proprietary custody systems, the company now manages approximately US $9.15 billion in assets under management. Leadership changes—including new CEO Russell Barlow—reflect an evolving operational structure focused on scalability.

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