OpenMonero Users Warned to Halt Payments After New Exploit Alert

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 days ago

XMR+0.43%

P2P-1.03%

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Security Alert Escalation: OpenMonero issued a warning on May 21, instructing users to halt all payments due to a newly discovered exploit, with specific losses yet to be confirmed, potentially exposing users to financial risks and impacting the platform's trading safety.
Trading Platform Risks: Following RetoSwap's suspension of trading on May 20 due to vulnerabilities in the Haveno protocol, estimated user fund losses reached 7,000 XMR, approximately $2.7 million, highlighting the fragility of P2P markets in terms of security, necessitating cautious transaction handling by users.
Privacy and Security Challenges: While Monero's privacy design attracts users for confidential payments, it complicates post-incident tracing and recovery of funds, prompting users to weigh privacy against security when opting for P2P platforms.
User Guidance Measures: OpenMonero advises users to stop payments until the issue is resolved, refrain from initiating new trades, and preserve all transaction records to ensure necessary evidence is available in case of financial risks, demonstrating the platform's commitment to user safety.

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Technical Analysis for XMR

Technical Sentiment Analysis for Monero (XMR). As of , Monero (XMR) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for XMR stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, XMR is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Monero (XMR) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	334.234	353.117	372.134	391.017	410.034	428.917	447.934
Fibonacci	353.117	367.595	376.539	391.017	405.495	414.439	428.917

About XMR

Monero was launched in 2014, and its goal is simple: to allow transactions to take place privately and with anonymity. Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography.The team behind Monero say privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users — irrespective of how technologically competent they are.Overall, XMR aims to allow payments to be made quickly and inexpensively without fear of censorship.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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