Monero enthusiasts will test exchange’s reserves because some of them might be selling more coins than actually held in their reserves so let’s read more in today’s latest Monero news.
The new group of Monero enthusiasts is getting fed up with centralized exchanges and they said that they are planning an XMR bank run. The Monerun which will happen on the eighth anniversary of the coin’s launch is a reaction to what the members see as a lack of transparency over Monero-like allegations that the centralized exchanges are suspending the coin withdrawals and misrepresenting the reserves.
Looking more and more like exchanges are paper trading #Monero and lying about how much they have to customers.
— Seth For Privacy (@sethforprivacy) April 14, 2022
Looking more like exchanges are paper trading the coin and lying about how much they have to customers, it is a good idea to get the keys off exchanges and own your coins. The information security engineer and Monero enthusiast Seth Simmons said:
“We’re withdrawing XMR from exchanges. Any exchange that hasn’t disabled withdraws (which many of them have already), we’re pulling our funds.”
Another Reddit user wrote that Monero’s ledger technology made it possible for exchanges to misrepresent the reserves and to sell XMR that they don’t hold. The user said that exchanges can do this because they think most Monero holders will nto seek to withdraw their funds. So now, the members of the community seem to be coordinating efforts to withdraw XMR coins from exchanges. The cryptocurrency is the 32nd biggest crypto by market cap of $4.2 billion and is a privacy coin launched in 2014 from a hard fork of Bytecoin.
What better way to celebrate the birth of true digital cash than to coordinate a centralized exchange monero bank run!!! See ya all Monday live on @monerotopia . If you have anything to share..anything at all..join us on stage (you can keep camera off to protect identity). https://t.co/eXLngoT263
— Douglas Tuman (@DouglasTuman) April 15, 2022
Monero means coin in Esperanto whcih is an international language invented in the 19th century. Monero was also trading for $237 on Saturday. The coin uses a cryptographic technique dubbed zero-knowledge proof which allows users to make transactions without specifying the details about the transactions other than that they are legitimate and unlike other privacy coins, Moenro allows only private transactions. Douglas Turman, a former congressional candidate said:
“What better way to celebrate the birth of true digital cash than to coordinate a centralized exchange monero bank run!!!”
The privacy-focused crypto Monero rallied by 9.5% in the past week compared to the rest of the market crashed by 8% in the same timeframe. The XMR/USD pair even broke the strong multi-month resistance trendline and hit an upside. The XMR price was down by 0.87% from the two-month high of $245 established one day before but the cryptocurrency still outperformed the rivals including BTC and ETH on a weekly timeframe.
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