Monero, a prominent privacy-centric cryptocurrency, is grappling with a contentious bid for control over its network. On July 28, 2025, it emerged that Qubic, a mining pool and crypto network spearheaded by Iota co-founder Sergey Ivancheglo, is attempting an economically powered hashrate takeover. This audacious move has sent ripples through the crypto community, stirring debates and prompting a swift response from Monero’s loyal supporters.
A New Front in the Hashrate Wars
In the often tumultuous world of cryptocurrency, power plays are nothing new. But Ivancheglo’s maneuver has caught many off guard. By leveraging substantial financial resources, Qubic aims to gain a significant share of Monero’s computational power—known as hashrate—thereby exerting considerable influence over the network’s operations. This strategy, while not unprecedented, has raised eyebrows due to its scale and the high-profile figure behind it. As explored in our recent coverage of Bitcoin’s mining difficulty adjustments, the dynamics of mining power can have far-reaching implications for network security and decentralization.
Experts are divided on the potential impact. “This isn’t just about taking control,” says crypto analyst Julia Tran. “It’s a battle for the very ethos of decentralized finance. Monero, with its focus on privacy, represents a counter-narrative to centralized control.”
Yet, for all its bravado, Qubic’s effort has galvanized the Monero community. Users and developers alike are rallying to bolster the network’s defenses. This includes encouraging more decentralized mining practices and exploring technical safeguards to prevent any single entity from dominating the network. It’s a classic David versus Goliath scenario—where the underdog isn’t backing down.
The Community Fights Back
The Monero community’s response has been nothing short of tenacious. Social media is abuzz with calls to action, with users urging fellow miners to resist the allure of Qubic’s potentially lucrative offers. It’s a testament to the cryptocurrency’s grassroots strength—a feature that has long been its hallmark.
“Monero has always been about more than just technology,” remarks blockchain expert Carlos Mendoza. “It’s a movement driven by principles. This attack underscores the need for vigilance and solidarity.”
One notable initiative has been the push to diversify mining pools. By encouraging miners to spread their computational power across multiple pools, Monero supporters aim to dilute Qubic’s influence. This tactic, while effective in theory, requires widespread community participation to succeed.
Moreover, discussions are underway about implementing protocol-level changes to further secure the network. While such changes could fortify Monero against future threats, they also pose challenges, requiring consensus and careful consideration to avoid unintended consequences.
The Bigger Picture
This unfolding saga is more than just a technical skirmish. It raises broader questions about the future of decentralized systems. As cryptocurrencies gain mainstream attention, they increasingly attract actors with the resources to challenge their foundational principles. Similar vulnerabilities were highlighted in our report on the Crypto Exchange GMX exploit, where significant resources were used to compromise security.
Monero’s situation is emblematic of a larger trend. As digital currencies evolve, so do the tactics employed by those seeking to control them. The balance between decentralization and centralization is a delicate one, fraught with complexities and ethical dilemmas.
Looking ahead, the stakes are high. The outcome of this confrontation could set a precedent for how similar situations are handled in the future. Will other networks face similar threats? And how will they respond?
As the Monero community continues to fortify its defenses, one thing is clear: the battle for control in the crypto realm is far from over. This episode serves as a stark reminder of the constant vigilance required to maintain the integrity of decentralized networks.
In the coming months, the crypto world will be watching closely. The implications of Qubic’s move—and the response it has provoked—are likely to reverberate throughout the industry. Whether this leads to greater resilience or increased vulnerability remains an open question, with the answer poised to shape the future of cryptocurrencies like Monero.
Source
This article is based on: Monero ‘economic attack’ receives strong community response
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
