Security altcoin Monero (XMR) users will withdraw all XMR tokens from exchanges on April 18 due to the policies implemented by centralized cryptocurrency exchanges for their coins.
“Central Exchanges Lie About Monero Reserves”
The protests, called Monerun, will take place on XMR’s eighth founding anniversary.
The Monero community supports this protest move. cryptocurrency reported that it happened because their exchanges were not transparent enough to them.
Users accuse centralized exchanges of stopping XMR withdrawals and lying about the reserve they hold.
Seth Simmons, information security engineer and XMR user, said in a statement on Twitter:
“More and more exchanges are trading on paper for Monero and lying to their customers about how many coins they have in their reserves. Get your private keys from exchanges and really own your XMR.”
XMR users organized on Reddit for the event in question.
On the cryptocurrency forum on the social media platform, users have been urged to withdraw their funds from crypto exchanges that have not yet closed their XMR withdrawals. The call in question received 2,200 likes.
“Reserves Can Be Stored With XMR’s Privacy Technology”
According to users, thanks to Monero’s privacy technology, centralized exchanges can lie about the reserves they have and actually sell XMR tokens they do not own.
According to XMR users, exchanges took such a step, trusting that users of this cryptocurrency would never withdraw their coins.
Organized XMR users will withdraw their funds from many exchanges to see if the exchanges are right about their reserves.
*Not investment advice.