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I/Q imbalance is one of the major concerns in the design of direct-conversion front-end receivers in high data rate wireless networks. To address the challenge, various I/Q imbalance estimation and compensation algorithms have been proposed in the literature. In this paper, we propose a blind cyclostationary based estimation and compensation of frequency-flat I/Q imbalance. The proposed blind estimation algorithm uses second-order statistics to compensate I/Q imbalance without estimating the mismatch parameters and is an unbiased estimator when a DC offset exists at the receiver. The performance of our approach is evaluated and compared to other existing blind I/Q imbalance estimation algorithms.