Privacy Coin Monero Faces Network Takeover by Mining Pool Qubic

Foresight News reports, citing Cointelegraph, that the privacy coin Monero is currently facing an attempted network takeover by the mining pool Qubic. This has sparked strong opposition within the community and raised concerns about hash rate centralization. Qubic previously revealed in a blog post that it has begun incentivizing Monero CPU mining through its own network, with the mined XMR being used to fund Qubic ecosystem buybacks and token burns. Sergey Ivancheglo, founder of the crypto projects Qubic, NXT, and Iota, has publicly acknowledged that the Qubic network is orchestrating a takeover of the Monero network.