Attack on Monero (XMR) on the US target board

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The Monero (XMR) network has been targeted with a type of attack called the Sybil attack. Monero developer Riccardo Spagni announced that the attack did not succeed.

Riccardo Spagni, the leading developer of Monero, announced that a Sybil attack was carried out against Monero. The attack, aimed at disrupting the functioning of the Monero network, did not succeed.

The Sybil attack is a security threat that, according to Binance Academy’s definition, is the result of someone trying to hijack a network through multiple accounts, nodes or computers. In such an attack, attackers can outwit honest nodes in the network if they can create enough fake IDs. Afterwards, they can prevent receiving and forwarding blocks, preventing other users from accessing the network. It is stated that 51% attack can be performed in a very large-scale Sybil attack where the attackers capture the majority of the computing power or hash rate in the network. In such a case, attackers can change the order of transactions and prevent transactions from being confirmed.

Spagni said the attack, which he described as “clumsy,” had no effect on Monero’s privacy mechanisms. The Monero developer added that this attack can be done against any cryptocurrency, not just Monero.

Monero is targeted by states

Since Monero is a cryptocurrency that provides transaction confidentiality, it is targeted by states, especially the USA. The USA recently opened a tender for the development of a vehicle that will enable the tracking of transactions in Monero, and two companies were determined as a result of this tender. Accordingly, Chainalysis and Integra FEC will work to break Monero’s privacy. While South Korea was pressuring cryptocurrency exchanges operating in the country to take Monero off the list and succeeded in doing so, Europol admitted that Monero was causing problems for law enforcement.

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Weiss: Monero May Lose His Throne Soon

Monero (XMR) is trading at $ 115 as of 21.45 TSI. XMR has gained 150 percent since the beginning of 2020.


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