Kraken pauses Monero deposits following 51% attack

Withdrawals and trading for Monero (XMR) on the Kraken exchange remain open, and deposits will resume once it is safe, the exchange said.

Crypto exchange Kraken has temporarily paused Monero (XMR) deposits due to the ongoing 51% attack against the privacy-focused blockchain, which has compromised the security of the network.

A 51% attack occurs when one mining pool controls more than 50% of a blockchain network’s total hashing power, giving it the ability to double-spend and reorder transactions on the ledger. The Kraken exchange wrote on Friday:

Qubic, a layer-1 AI-focused blockchain and mining pool, claimed it controlled the majority of Monero’s hashrate on Monday and reorganized six blocks, prompting denials of the attack from the Monero community.

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