Monero supporters plan 'bank run' to test foreign reserves

The proposal was outlined in a Reddit post on Thursday. "We're pulling XMR from exchanges," someone named bawdyanarchist wrote on the r/CryptoCurrency subreddit. "Any exchange that doesn't ban withdrawals (and many of them already do), we're pulling out." As of Saturday, the post had received more than 2,200 votes.

According to Bawdyanarchist, Monrocoin's obfuscated ledger technology allows exchanges to skew reserves and sell XMR they don't really own. according to Bawdyanarchist, exchanges may do this because they assume that most Monrocoin holders will not become assets.

As a result, members of the Monroe Coin community have emerged to coordinate attempts to remove XMR tokens from as many exchanges as possible to determine if they are correct.

According to CoinMarketCap.com, Monroe is the 32nd largest cryptocurrency by market capitalization, with a market cap of about $4.2 billion. It is a privacy coin, created in 2014 as a hard fork of Bytecoin. In Esperanto, a 19th century international language, Monroe coin means "currency. On Saturday, the price of the Monroe coin was about $237.

Monroe Coin uses a cryptographic mechanism called zero-knowledge proof, which allows users to make transactions without revealing any details of the transaction, except that they are legitimate. Unlike other privacy currencies such as Zcash, Monroe Coin only supports private transactions.

"There is no better way to celebrate the birth of true digital cash than to coordinate a run on the centralized exchange Monroe Bank!!!" Tweeted Douglas Tuman, former congressional candidate and Monroe Coin advocate.