1. Qubic Mining Pool Seemingly Succeeds in 51% Attack on Monerolink link
As Qubic's hash rate in the Monero network surged from 25% in mid-July to a critical point of 48-50% on August 12, the founder of SlowMist stated that the 51% attack initiated by the Qubic mining pool on Monero appears to have been successful. The pool currently controls the majority of network hash rate, and a major blockchain reorganization was detected on Tuesday morning. Qubic can tamper with on-chain history, launch double spend attacks, and censor any transaction. The estimated cost of maintaining this attack is up to $75 million per day. Qubic responded that the Monero experiment is proceeding exactly as planned, and everything will be revealed at the appropriate time.
On Friday, Qubic announced that it once achieved over 51% hash rate control in the Monero network, causing 6 blocks to be reorganized and 60 blocks to become orphaned. Preliminary reports show that Qubic mined 80% of Monero's total blocks within two hours. This round mined approximately 750 XMR and 7 million XTM. Along with unsold Tari from the previous round, a total of 17.2 billion QUBIC were destroyed, with an average destruction price of 3,200 QUBIC per billion, approximately $55,000. Simultaneously, Computors and miners received a total reward of 62.2 billion QUBIC, valued at around $200,000. Current Qubic mining revenue is nearly 4 times that of Monero, and the "51% attack experiment" is still ongoing.
Qubic had previously announced this hash rate attack, stating that to test their capabilities, they would redirect a large amount of computational resources to mining Monero. Initially, they used a method of mining Monero 50% of the time and training internal AI 50% of the time, with profitability 3 times higher than direct Monero mining. Later, the team attempted to take over the Monero protocol and change rules to only reward miners through Qubic mining. Although encountering obstacles like DDoS attacks, they continue to push forward.
Wu Blockchain team note: Qubic's ability to gain a 51% hash rate advantage over Monero stems mainly from the RandomX algorithm's high CPU mining friendliness and the current low network hash rate (about 3-4 GH/s). Meanwhile, the Qubic network itself is a decentralized computing platform with numerous high-performance CPU nodes, highly compatible with the RandomX algorithm, thus able to concentrate sufficient hash rate to gain control in a short time. It should be noted that this method is difficult to replicate on mainstream PoW chains with large hash rates and high hardware barriers, but may still pose a potential threat to other CPU mining chains with limited hash rates.
2. Users Accuse MyStonks of Freezing $6.2 Million in Assets, MyStonks Responds Received Law Enforcement Requestlink
Twitter user @thcaroline2233 claimed that risk control on the MyStonks platform triggered the inability to withdraw $6.2 million and that they were banned from the Telegram group. MyStonks stated they received a law enforcement request regarding a specific user, claiming that since its establishment, some users have been using MyStonks as a mixer, and the compliance department has intercepted this.
[Translation continues in the same manner for the remaining paragraphs]The memecoin launch platform market in the Solana ecosystem has formed a duopoly between PumpFun and LetsBonk. Since 2025, PumpFun has maintained around 80% market share in graduated tokens, but in early July, LetsBonk quickly seized nearly 70% market share. On August 6, PumpFun regained the lead in 24-hour new token issuance, with its market share currently rebounding to around 75%.
10. Grayscale Applies to US SEC for Approval of DOGE ETF, Ticker "GDOG"link
In the registration statement filed on Friday, Grayscale stated that it will rename Grayscale Dogecoin Trust to Grayscale Dogecoin Trust ETF and plans to list and trade on NYSE Arca with the stock ticker "GDOG". Previously, NYSE Arca had submitted related documents for Grayscale Dogecoin Trust. Grayscale is not the only institution applying for such a product, as Rex-Osprey and Bitwise have also submitted similar applications.
