Poloniex Issues Statement on Monero Fork MoneroV (XMV) Support

The famous Bitcoin hard fork that resulted in the creation of Bitcoin cash (BCH) set a precedent for other cryptocurrencies which want to implement radical changes within their respective protocols.

Recently, people of the Monero (XMR) community announced that it is planning to conduct a hard fork on block 1564965 of its blockchain, calling it MoneroV (XMV). Expectedly, this will have a significant impact on operations over the decentralized network, and may even bring transactions to a standstill.

In response this news, leading Crypto Exchange Poloniex has notified its clients of an impending disabling of all XMR transactions. During this period (as from April 29th 1700HRS EDT), all XMR accounts will remain frozen until the network regains stability. Hence, clients will not send XMR, and XMR sent to them will only reflect on their wallets after the forking is complete.

Furthermore, the trading platform has announced that it will not support XMV, the resultant coin from the hard fork.

We will continue to update this but all users should make sure and get funds off of exchanges in the event of forks to ensure they leave it up to the blockchain vs a specific exchange to honor forks and coin splits.