Why Have Some Exchanges Been Disabling Monero (XMR) And What Does It Mean For The Cryptocurrency?

monero

For a few hours now the Monero community has been worried about why some cryptocurrency exchanges have been removing Monero from their list of tradable coins. The news posted by John Foss was as follows:

“Deposits and withdrawals for XMR has just been disabled because of maintenance reasons on many exchanges including Cryptopia, Bittrex, Poloniex, etc. Monero developers have not said anything about it.”

Monero (XMR) Price Today – XMR / USD

Name Price24H (%)
Bitcoin (BTC)
$6,576.91
-1.0%
Monero (XMR)
$105.91
-1.39%

The reports from Cryptopia is that Monero wallet is on maintenance because the developers requested the maintenance. Bittrex also disabled the coin on the developers request. The exchanges are waiting for more details from the Monero development team.

Monero (XMR) Development Team Denies Any Involvement

The comments from the exchanges implied that the developers made the request for Monero to be disabled for a while but the developers have denied having anything to do with it. In a chat room, Monero developers said that the action isn’t as a result of bugs or any other issue on the platform that they know about. They said that all the bugs that were initially an issue with the platform gave been fixed. They noted that many other exchanges including Bithumb, Binance, Kraken, HitBTC, have disabled Monero (XMR). This has led to a lot of uncertainty and fear within the Monero community.

There is still not explanation for this action but some of the community members have given their input regarding the situation. According to one Reddit user, a post last week suggested that attackers came up with a way to send unspendable Monero to exchanges. It’s possible that these exchanges have decided to disable Monero as a preventive measure until the information is verified and the lope hole is blocked. Some other users claim that it is no more than a maintenance issue. Monero isn’t the only coin that has been disabled according to users. Some other coins have also been removed from exchanges.


SEE ALSO:   EOS Blockchain Gets A Major Deal With Spacebit 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

three × 4 =

This site uses Akismet to reduce spam. Learn how your comment data is processed.