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Ethereum Classic: alive, but in intensive care
Ethereum Classic is balancing on the edge of a knife. After the aftermath of the attacks in 2020 and delisting on Coinbase, the price dropped to $8.31, though it later bounced back to $8.60. The network itself denies everything, but there is still a lingering feeling.
The Olympia Upgrade is the only light at the end of the tunnel. The client implementation of the three ECIPs is already ready, and the Mordor testnet has been launched. But does the code work when the hash rate is falling?
On the weekly chart $ETC is below all key EMAs. The MA-50 is far at $15.27. Sellers are controlling the trend, and the RSI is nearly oversold. Without a breakout at $8.65, the next stop is $8.35.
The only silver lining: ETC is holding up better than the market in the storm. A new listing on moomoo added liquidity. But when the largest exchange in the USA kicks you out for double spending, it hurts trust.
Those entering ETC now are buying the PoW legend and hope for a DAO by the end of the year. Others are watching and waiting for the hash rate to crash completely.
Buy or sell? ETC is not dead, but lying in intensive care. Risks outweigh returns unless you are a masochist for PoW.
p.s the first paragraph has been edited.
#ETC #51Attack #OlympiaUpgrade #PoWLegacy
Ethereum Classic is balancing on the edge of a knife. After the aftermath of the attacks in 2020 and delisting on Coinbase, the price dropped to $8.31, though it later bounced back to $8.60. The network itself denies everything, but there is still a lingering feeling.
The Olympia Upgrade is the only light at the end of the tunnel. The client implementation of the three ECIPs is already ready, and the Mordor testnet has been launched. But does the code work when the hash rate is falling?
On the weekly chart $ETC is below all key EMAs. The MA-50 is far at $15.27. Sellers are controlling the trend, and the RSI is nearly oversold. Without a breakout at $8.65, the next stop is $8.35.
The only silver lining: ETC is holding up better than the market in the storm. A new listing on moomoo added liquidity. But when the largest exchange in the USA kicks you out for double spending, it hurts trust.
Those entering ETC now are buying the PoW legend and hope for a DAO by the end of the year. Others are watching and waiting for the hash rate to crash completely.
Buy or sell? ETC is not dead, but lying in intensive care. Risks outweigh returns unless you are a masochist for PoW.
p.s the first paragraph has been edited.
#ETC #51Attack #OlympiaUpgrade #PoWLegacy
🚨 Monero Faces Possible 51% Attack — What You Need to Know 🚨
TL;DR: Qubic claims to have briefly controlled over 51% of Monero’s hashrate, sparking concerns over blockchain integrity, double-spending risks, and transaction censorship. While costly to sustain (~$75M/day), the incident has shaken market confidence.
---
🛠 What Happened
Qubic mining pool allegedly surpassed the 51% threshold on Monero’s network.
A 6-block chain reorganization (~60 orphaned blocks) was observed.
This level of control can, in theory:
Rewrite the blockchain 📝
Enable double-spending 💸
Censor transactions 🚫
---
📊 On-Chain & Community Reactions
Some Monero devs argue the reorg alone doesn’t prove a sustained attack—could be short-lived or “lucky.”
Market reaction: XMR dropped 6–16% in the past 24h–7d.
Mixed views: Alarm over network vulnerability vs. skepticism about Qubic’s motives (self-promotion & token pump).
---
💰 The Economics
Experts estimate controlling Monero’s hashrate costs ~$75M/day.
Economic gains from such a move remain unclear.
Short-term attacks may still cause market disruption and trust erosion.
---
🔍 Why It Matters
Monero’s RandomX mining was designed to resist ASIC domination & centralization.
This event highlights that even privacy-focused PoW chains aren’t immune to hashrate concentration.
Potential wake-up call for mining decentralization and network defense strategies.
---
📌 Takeaway
Whether this was a full-blown 51% attack, a stress test, or a PR stunt, the risk is real.
Exchanges, services, and the community must stay vigilant for suspicious activity.
---
🗨️ Question for you:
If a major privacy coin like Monero can be hit, are PoW blockchains still secure enough in 2025?
#MoneroHack #XMR #51attack #CryptoSecurity #TheInvestor90
TL;DR: Qubic claims to have briefly controlled over 51% of Monero’s hashrate, sparking concerns over blockchain integrity, double-spending risks, and transaction censorship. While costly to sustain (~$75M/day), the incident has shaken market confidence.
---
🛠 What Happened
Qubic mining pool allegedly surpassed the 51% threshold on Monero’s network.
A 6-block chain reorganization (~60 orphaned blocks) was observed.
This level of control can, in theory:
Rewrite the blockchain 📝
Enable double-spending 💸
Censor transactions 🚫
---
📊 On-Chain & Community Reactions
Some Monero devs argue the reorg alone doesn’t prove a sustained attack—could be short-lived or “lucky.”
Market reaction: XMR dropped 6–16% in the past 24h–7d.
Mixed views: Alarm over network vulnerability vs. skepticism about Qubic’s motives (self-promotion & token pump).
---
💰 The Economics
Experts estimate controlling Monero’s hashrate costs ~$75M/day.
Economic gains from such a move remain unclear.
Short-term attacks may still cause market disruption and trust erosion.
---
🔍 Why It Matters
Monero’s RandomX mining was designed to resist ASIC domination & centralization.
This event highlights that even privacy-focused PoW chains aren’t immune to hashrate concentration.
Potential wake-up call for mining decentralization and network defense strategies.
---
📌 Takeaway
Whether this was a full-blown 51% attack, a stress test, or a PR stunt, the risk is real.
Exchanges, services, and the community must stay vigilant for suspicious activity.
---
🗨️ Question for you:
If a major privacy coin like Monero can be hit, are PoW blockchains still secure enough in 2025?
#MoneroHack #XMR #51attack #CryptoSecurity #TheInvestor90
#51attack
This Week in Crypto: Market Swings, Monero Attack, and More
📈 Market Rollercoaster
• Bitcoin hit a new ATH above $124K but corrected to $115,657, with near-zero weekly growth.
• Ethereum neared its record high ($4,880), now trading at $4,500 (+8.3% weekly). Spot ETH ETFs saw record $2.8B inflows but lost $60M on Aug 15.
• BNB reached $868 (+7.4%), Solana topped $205 (+6.7%).
• Total market cap: ~$4T. BTC dominance: 57.4%. Fear & Greed Index: 60 (cautious optimism).
⚠️ Monero Under 51% Attack
• Qubic executed a 51% attack on Monero, controlling most of the hashrate on Aug 12, enabling block reorganization, double-spending, and transaction censorship.
• Attack cost: ~$75M/day (per Ledger CTO). Qubic’s hashrate share now at 32.3%.
• Monero’s rep took a hit; Kraken paused XMR deposits. XMR price recovered 9% in the last 24 hours.
🇺🇸 US Crypto Reserve Update
• Treasury Sec. Scott Bessent: No new BTC purchases with gov funds, will keep 198,022 BTC (~$15-20B), and only add seized assets.
• Statement, alongside a 3.3% rise in producer price index, pressured markets.
💸 BTCTurk Hacked
• Turkish exchange BTCTurk lost ~$48M to suspicious withdrawals on Aug 14. Operations paused, but trading and TRY transactions continued.
• Second hack this year after $54M loss in June.
⚖️ Courtroom Drama
• Do Kwon (Terraform Labs) pleaded guilty to fraud, facing up to 12 years (potentially 25) after a plea deal.
• Justin Sun (TRON) sued Bloomberg to block publication of his wallet addresses, citing privacy concerns.
This Week in Crypto: Market Swings, Monero Attack, and More
📈 Market Rollercoaster
• Bitcoin hit a new ATH above $124K but corrected to $115,657, with near-zero weekly growth.
• Ethereum neared its record high ($4,880), now trading at $4,500 (+8.3% weekly). Spot ETH ETFs saw record $2.8B inflows but lost $60M on Aug 15.
• BNB reached $868 (+7.4%), Solana topped $205 (+6.7%).
• Total market cap: ~$4T. BTC dominance: 57.4%. Fear & Greed Index: 60 (cautious optimism).
⚠️ Monero Under 51% Attack
• Qubic executed a 51% attack on Monero, controlling most of the hashrate on Aug 12, enabling block reorganization, double-spending, and transaction censorship.
• Attack cost: ~$75M/day (per Ledger CTO). Qubic’s hashrate share now at 32.3%.
• Monero’s rep took a hit; Kraken paused XMR deposits. XMR price recovered 9% in the last 24 hours.
🇺🇸 US Crypto Reserve Update
• Treasury Sec. Scott Bessent: No new BTC purchases with gov funds, will keep 198,022 BTC (~$15-20B), and only add seized assets.
• Statement, alongside a 3.3% rise in producer price index, pressured markets.
💸 BTCTurk Hacked
• Turkish exchange BTCTurk lost ~$48M to suspicious withdrawals on Aug 14. Operations paused, but trading and TRY transactions continued.
• Second hack this year after $54M loss in June.
⚖️ Courtroom Drama
• Do Kwon (Terraform Labs) pleaded guilty to fraud, facing up to 12 years (potentially 25) after a plea deal.
• Justin Sun (TRON) sued Bloomberg to block publication of his wallet addresses, citing privacy concerns.
🔥 Daily Bitcoin Meme #51attack — The mission continues! 🧡
55 days of memes, madness & moon dreams 🌕
$BTC isn’t just a coin, it’s a movement — we laugh, we HODL, we conquer.
Drop a 💪 if you’re still riding with us to $200K!
#bitcoin #BTC #cryptomeme #BullRun
Ask me something about $PEPE $BNB
55 days of memes, madness & moon dreams 🌕
$BTC isn’t just a coin, it’s a movement — we laugh, we HODL, we conquer.
Drop a 💪 if you’re still riding with us to $200K!
#bitcoin #BTC #cryptomeme #BullRun
Ask me something about $PEPE $BNB
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