The Monero community calls for the removal of its XMR from exchanges
If the Monero community chose today’s date for a massive withdrawal of XMR, this is because it is the eighth anniversary of the launch of anonymous cryptocurrency. A few days ago, Seth Simmons, a Monero enthusiast and strong privacy advocate, explained that he suspected that exchanges didn’t necessarily own all the XMR they were selling :
Looking more and more like exchanges are paper trading #Monero and lying about how much they have to customers.
Opt out, get those keys off exchanges and actually own your $XMR:https://t.co/L9dCWRk4Na https://t.co/wqyfh84SEN
— Seth For Privacy (@sethforprivacy) April 14, 2022
According to him, and several other members of the Monero community, centralized exchanges could indeed sell XMR that they do not own, counting on the fact that buyers will leave their cryptocurrencies in their account, without withdrawing them. . This would of course be possible by the anonymity of the Monero networkwhich unlike Bitcoin, for example, does not allow all transactions to be tracked.
According to Monero enthusiasts, massively withdrawing their XMR from trading platforms would thus force them to indirectly admit this fact, and therefore to buyin order to respond to investor demands.
? To go further: Contrary to popular belief, Bitcoin is NOT anonymous
Will “Monerun” be tracked?
The idea was floated on Reddit by user bawdyanarchist. He notes that many exchanges have already shown their hostility to XMR, by delisting the cryptocurrency, or simply by prohibiting withdrawals. He therefore wishes to force their hand:
“Monero’s obfuscated ledger has allowed some exchanges to misrepresent the state of their reserves, and sell XMR that they don’t actually own. This knowing that far too many of us will never retire, and no one can see the on-chain evidence of their misdeeds.»
Given the nature of XMR, one will of course not be able to see on the blockchain to what extent the movement will be followed today. Possible suspensions of withdrawals on exchange platforms could however give an indication if they take place, and confirm the statements of the community.
? Related Related – Anonymous altcoins Monero (XMR) and Zcash (ZEC) surge amid regulatory uncertainty
Source: Reddit
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About the Author : Marine Debelloir
Deputy editor on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
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