On September 14, the cryptocurrency community continued to be abuzz when Monero (XMR) – a cryptocurrency famous for its anonymity – became the target of a new attack. The incident was warned by the account @OrangeFren on social media when it discovered that the Monero network had undergone 18 consecutive Block reorganizations. This means that part of the transaction history was replaced, increasing the risk of payment fraud.
Notably, this is the second time this blockchain has been attacked. As Allinstation reported, on August 12, the cryptocurrency community was shocked when Monero (XMR) suffered a rare 51% Attack . Notably, the “culprit” was Qubic, the project of Sergey Ivancheglo – co-founder of IOTA. However, Qubic affirmed that this was just a technical demonstration to test the security strength of the network, not an act of sabotage.
Cybersecurity experts advise that when accepting payments in Monero, businesses and individuals should wait for more than the usual 10 confirmations to minimize the risk of loss due to reversed transactions.
Notably, Yuxian from security firm SlowMist emphasized that: “If the Monero community does not XEM block reorganizations like this seriously, the network will always live under the threat of the ‘Sword of Damocles.’ Even if the Hash Rate does not exceed 51%, the risk of a double spend attack is always present.”
Also Read: Monero (XMR) Suddenly 51% Attack, 'Culprit' Says This Is Just a Show, No Bad Intentions
Block reorganization – a latent threat to cryptocurrencies
In the blockchain world, block reorganizations occur when a new, longer chain of blocks replaces the existing chain . This can happen naturally due to network latency, but it can also be exploited by attackers to reverse confirmed transactions and spend the same coins twice. With Monero – which is designed to ensure absolute privacy – the constant reorganization of multiple blocks raises concerns about its long-term stability.
