Monero Holders Coordinate Mass Withdrawal to Highlight ‘Not Your Keys, Not Your Coins’

The Monero (XMR) community on Reddit has planned a bank run targeting numerous centralised exchanges (CEXs) in a response to a “lack of transparency” over the coin. The date of the run, April 18, coincides with the XMR anniversary.

Across social media, members of the Monero community have expressed their concerns over how CEXs are misleading XMR clients. Some of the allegations include that centralised exchanges are suspending XMR withdrawals and misrepresenting XMR reserves.

Customers Led Up the Garden Path

Security engineer and Monero holder Seth Simmons joined the list of users fed up with misleading statements from centralised exchanges. “Looking more and more like exchanges are paper trading Monero and lying about how much they have to customers,” he tweeted:

The event, called “The Monerun”, was thoroughly detailed on Reddit. Some exchanges have already disabled withdrawals, but to test the credibility of those who haven’t, are joining forces to pull off the liquidity:

Monero’s obfuscated ledger has enabled a number of exchanges to misrepresent their reserves and sell XMR that they don’t actually have, knowing that all too many of us will never withdraw, and no one can see onchain the evidence of their misdeeds.

‘The Monerun’, Reddit

Not a Good Recent Run For Monero

Two months ago, the dominance of Monero’s largest mining pool, MineXMR, dropped dramatically amid concerns of 51 percent attacks, raising criticism over its security aspects.

On December 8 of last year, XMR took a hit when it was alerted that the Monero multi-sig wallet code was compromised, not exactly affecting the temporary supporting multisigs but rather affecting the current wallet code implementing them.