Sergey Ivancheglo (aka Come-from-Beyond), founder of Qubic, has launched an incentive-driven campaign to dominate Monero's hashrate, offering richer payouts than standard pools to attract miners. The initiative aims to achieve over 51% control of XMR's network between August 2-31, 2025, which would enable transaction censorship, block orphaning, and delayed confirmations.
The Monero community responded by rallying behind the supportxmr.com pool, which now commands 28.7% of the network hashrate (mining 36 of the last 100 blocks). This counter-movement demoted Qubic from its brief position as the largest mining pool to seventh place. Ivancheglo framed the effort as a 'benevolent test' to expose vulnerabilities, urging exchanges to increase XMR deposit confirmations while claiming he seeks 'countermeasures against domination'.
Analyst Dan Dadybayo highlighted the economic vulnerability, noting that controlling Monero's network could cost just $7,000-$10,000 daily versus its $130,000 security budget. Qubic's model converts mined XMR to USDT to buy and burn QUBIC tokens, creating a deflationary mechanism. Despite community accusations of bot usage or hashrate renting, Qubic confirmed it will proceed with the takeover attempt while ceasing public hashrate disclosures from August 2.