Today, the Monero Project community claims that it is possible that some exchanges could sell more XMR tokens than they have in reserve. This includes claims that centralized platforms suspend XMR withdrawals by skewing availabilities. After some setbacks with the authorities about the private nature of the currency, a “ bank run is organized to test liquidity. On the occasion of the eighth anniversary of the launch of the Monero cryptocurrency, the community is called upon to withdraw its tokens from exchanges.
Cryptocurrency Monero wants to test exchanges
Monero devotees are rushing to test available reserves on exchanges.
” It seems that the exchanges paper trader growing Monero and hiding the truth from customers. Withdraw, get off-exchange keys, and finally actually own your XMR said Seth Simmons, an information security engineer passionate about the Monero cryptocurrency on Twitter.
According to a Reddit post summarizing the situation: “We are removing XMR tokens from exchanges», «a large number of people have already started, we withdraw our funds“. This post caused a stir with over 2,200 votes.
According to some sources, the Monero cryptocurrency privacy technology has allowed exchanges to falsify reserves. Indeed, the platforms were able to sell XMR which they do not really have. The exchanges would continue to hide the truth from users, in the sense that they believe that the majority of Monero holders do not plan to withdraw their funds. As a result, community members seem to be making significant efforts to remove XMR tokens from as many exchanges as possible. They want to justify their statement.
The 8th anniversary of the Monero cryptocurrency
The withdrawal of XMR comes as the Monero cryptocurrency celebrates its eighth birthday.
Launched in 2014 from ahardforkof Bytecoin, Monero is the 32and largest cryptocurrency by capitalization, at around $4.6 billion, according to CoinMarketCap. The token sells for around $237 per unit.
Monero is aprivacy cornerand adopts cryptographic technology that respects privacy. In particular, this allows users to carry out transactions without specifying details about them. Unlike other private rooms such as Zcashallowing public transactions, cryptocurrency only allows private transactions.
The community deliberately chose April 18 as the date for a mass withdrawal of XMR tokens, given that it is the anniversary date of the launch of the anonymous cryptocurrency.
“What better way to celebrate the birth of true digital cash than to coordinate a centralized Monero withdrawaltweeted Douglas Tuman, a former congressional candidate and strong supporter of the Monero cryptocurrency.
The Monero community wants to hit centralized exchanges where it hurts. In response to the allegations, she is campaigning for a simultaneous, voluntary withdrawal of XMR on April 18. Approaching the “monerun”, some users of centralized platforms have reported the suspension of XMR withdrawals. Organizers said any centralized exchange guilty of blocking withdrawals is likely complicit in the suspicious practices.
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Cryptocurrency Monero (XMR), a “Monerun” to test exchanges
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