Categories: Crypto

Kraken halts Monero deposits after single pool takes over 50% hashrate control

Key Takeaways

Kraken has halted Monero deposits after a single mining pool seized more than 50% of the network’s hash rate.
XMR last traded near $257, down about 6% over the past week.

Kraken has suspended Monero (XMR) deposits after detecting that a mining pool had gained control of more than half of the network’s total hashrate, raising concerns about centralization and network security, according to its status page.

Kraken is actively monitoring the situation and will resume deposits once it determines conditions are safe. Trading and withdrawals for Monero remain fully operational on the platform.

The pause came after Qubic mining pool, led by IOTA co-founder Sergey Ivancheglo, claimed to have achieved control over 51% of Monero’s hashrate, which could theoretically enable block reorganization, transaction censorship, or double-spending attacks.

Ivancheglo said in a statement that the move was intended to expose vulnerabilities and prepare the Monero community for future threats.

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XMR fell earlier this week following the reported attack. The token was trading near $257 at the time of writing, down approximately 6% over the past week, per TradingView.