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Kraken stops Monero deposits: Mining pool gets control over more than half of the hashing performance
Kraken suspends Monero deposit: Threat by mining pool The Kraken cryptocurrency exchange has temporarily suspended the deposits for Monero (XMR). This step takes place after it has been confirmed that a mining pool controls more than half of the Hashrates of the Monero network. Control over more than 50 % of the hashrate of a network represents a significant threat and can ...
Kraken stops Monero deposits: Mining pool gets control over more than half of the hashing performance
Kraken suspends Monero deposits: threat from mining pool
The Kraken cryptocurrency exchange temporarily suspended the deposits for Monero (XMR). This step takes place after it has been confirmed that a mining pool controls more than half of the Hashrates of the Monero network.
Control over more than 50 % of the hashrate of a network represents a significant threat and can lead to so-called "51 % attacks". In such a scenario, the mining pool could undo transactions or prevent new transactions, which endangers the confidence in the safety and integrity of the network.
Kraken has decided to pause Monero's deposit function until further notice in order to ensure the safety of the users and their funds. This measure illustrates the importance of security in the world of cryptocurrencies, especially in anonymous currencies such as Monero, which are known for their privacy and anonymity.
It remains to be seen how the situation develops and whether octopus can release the deposits again as soon as the security in the Monero network is restored. Investors and users should be clear about the risks and follow developments closely.