The Monero cryptocurrency network has recorded a blockchain reorganization of 18 blocks, raising concerns among community members regarding transaction security and network resilience. Experts and service representatives advise users not to rely on the standard 10 confirmations when receiving XMR, but to wait for a greater number of confirmations to enhance the protection of their assets.
This is reported by Business • Media
Concerns Among the Monero Community
The incident was reported by the account OrangeFren, highlighting that the Monero network underwent a reorganization of 18 blocks. The founder of SlowMist, a company specializing in cybersecurity, Yu Xian emphasized that the threat of reorganizations remains a constant issue for the Monero ecosystem. He warned that ignoring this problem could lead to serious consequences for the network, even if the likelihood of a double-spending attack is currently low.
“If the Monero community does not take the block reorganization issue seriously, this Damocles’ sword will constantly hang over the project. This does not necessarily lead to a double-spending attack, but the mere possibility is already a threat. It doesn’t even require having over 51% of the hash rate.”
Market Impact and Exchange Reactions
Analysts at TOBTC noted that even after the 18-block reorganization, which is linked to Qubic and the cancellation of 117 transactions, the value of Monero not only remained stable but also showed an increase. The market remained stable, and trading sentiments among participants did not undergo significant changes. According to current data, XMR is trading near the $310 mark.
XMR/USDT chart on Kraken exchange. Data: TradingView.
It is worth noting that in the past, the Qubic mining pool team has already executed a 51% attack on the Monero network, gaining control over a majority of the hash rate, which underscores the blockchain’s vulnerability to such threats.