what percentage have they stolen? When will they return the money?
1,800 BTC have been seized, about 10% have been returned so far, we don't know what's next... |
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I will do it for sure. People must know their heroes.
Thanks, everybody should it. It only takes a few minutes, and it will make the crypto world safer, by telling real facts about the Poloniex exchange. There's 2k reviews in the app store. A couple grumpy reviews, especially if they look targeted (which this does.) will change nothing, and perhaps even be removed by google/apple for being fake. Well, if you have a better idea, don't keep it to yourself. Poloniex was the only exchange allowing huge margin trading on a sh*tcoin like CLAM, so that was a mistake we can talk about on a review. I guess we published 10 negative reviews so far. We need many more! |
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they asked for screenshots
A bank asking for screenshots? I can't imagine that. A screenshot has no legal value. I can make any screenshot you want on Photoshop. |
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Property tax is the best tax in the world. It's only normal if you own a property that you pay to get the street or roads nearby safe and clean.
Besides, in my experience, countries with high property tax and low income tax are nicer than countries with high income tax and low property tax.
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I removed their email addresses, however they appear on every article they have written or contributed to.
I guess they don't mind getting an awful lot of spam... Now, something important!I guess we all agree here that Poloniex has been doing a bad thing, here, but everybody can act to tell the world about it. All you need is a smartphone (Android or Iphone). Just download the Poloniex app, and give them the lowest rating with a comment explaining you cannot trust an exchange which socializes loss among its users. Please do it! It's important that the world knows about it, and it's important that Poloniex (and Circle behind it) sees it's under pressure, so that it must give us our money back. Thanks in advance to anyone who will help spreading the truth. |
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Does anyone here is a regular poster on Wikipedia, or knows a journalists?
Thanks.
Both Paul Vigna and Steven Russolillo have covered bitcoin recently: [/quote] Thanks a lot, but I suggest you edit your post and remove addresses. I noted them. I would not like to have my address on a public forum. |
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hmm, lending rates are directly linked to demand from margin trading. I don't want another sh*tcoin collapse...
Besides, I've removed most of my coins. I only have about 0.1 BTC left at Poloniex. I just don't trust it anymore, and who can?
Has this scandal had a material effect on P2P lending liquidity, or are lenders generally just eating the loss and continuing on as normal? Where can we view statistics about outstanding P2P loans and interest rates? I'd have thought lenders would withdraw funds en masse and this would naturally drive interest rates up. A 1,800 BTC loss, I've lost myself more than 1 BTC, and I just can't eat it. This is no business as usual. I don't think there are stats available. I guess Poloniex have some, but they're hiding it. We still don't know how many people were affected... If you did bankrupt Poloniex, I believe you would spend a lot of money out of your own pocket doing so, and any money you do recover would probably not cover any legal expenses you incur.
No, I would not have to pay any legal fee. I've found a lawyer who doesn't ask for any money up front. He just want a share of whatever he may get from Poloniex, but it's a huge share, with a substantial fixed minimum. |
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I could enjoy a gold exchange standard system.
Physical offices would be nice, too.
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maybe we should push poloniex to increase minimum rates to 20% apr? It's pretty still low for traders. Exchange fee goes up 10 times and some of this increase can be directed to covering our losses.
hmm, lending rates are directly linked to demand from margin trading. I don't want another sh*tcoin collapse... Besides, I've removed most of my coins. I only have about 0.1 BTC left at Poloniex. I just don't trust it anymore, and who can? |
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Does anyone here is a regular poster on Wikipedia, or knows a journalists?
Thanks.
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Everything depends on your country of residence...
I would avoid Poloniex because of ongoing issues, and Coinbase which is too difficult to use. kraken and bitcoin.de are good.
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"I, candidate Jon Doe, if I am elected president, promise to blah, blah, blah before the mid-date of my first term in office. In the event of my failure, I require my execution/life-imprisonment. Signed, candidate Jon Doe."
I'm very confident that no politician anywhere would ever sign anything like this.... |
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Poloniex declaring bankruptcy.
What's wrong with that? It would still be better than keeping the business running as usual as it is. At last, the world would be sure this won't happen again. |
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There is language in their TOS that I believe relives Poloniex from legal responsibility from covering the losses. terms are not enforceable in court where they contradict the law. so the question of jurisdiction is crucial here. like countryfree said, haircutting balances with a generalized loss is 100% illegal in the USA, where poloniex is organized. but IANAL and i dunno if they've dodged a bullet by restricting USA customers from this market. if so, what laws apply here? EU? various local laws where lenders reside? i wouldn't be surprised if the EU offered similar protections to the USA but i have no idea where to start researching the law. Yes, the case is difficult. What Poloniex has done is illegal in the US, but the exchange says we can do it because we're not offering this service to US citizens. It's a bit like saying drugs are illegal, but there would be nothing wrong selling drugs to a Chinese tourist... There's also lots of regulation for consumer and investor protection in the EU, but they would not apply to investments outside the EU. Poloniex is based in Boston, so justice has to be there. |
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Now getting legal advice, I've been told that proving there was a fraud would be very difficult, unless having access to Poloniex's whole data, but there was definitely a mistake. Things like this, that CLAM crash because of crazy margin trading, should never happen.
I wouldn't think fraud would be the angle here. Something like negligence with regard to capital and margin requirements, maybe. Does anyone know what jurisdiction this case would fall under? Did the lawyer you spoke to say? As a US company, capital and margin requirements would normally be covered by CFTC regulations. Since US persons aren't allowed to lend or margin trade on Poloniex, I'm not sure they apply here. Yes, negligence, but there's also the fact that socializing losses is illegal in the US. Poloniex says it's OK because it wasn't offering its services to US customers... Easy answer! I see rates are down to 2% apr again. I guess lenders there are just gluttons for punishment?  Yes, very stupid. Now that we know that lending is unsafe at Poloniex, doing it to earn a measly 2% is plain stupid. |
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Thanks for info, but actually, I won't join that group. It's quite possible it was a bot which made the CLAM sh*tcoin crash. I don't trust bots, Poloniex should not allow them... Thanks a lot, I've just joined that group. We shall be all individual private investors there. |
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I've found a willing lawyer if there are people interested, but the status of the case will depend of the number of victims...
have you managed to track down other victims? at 1800 BTC generalized loss (1620 BTC if 10% was refunded) there must be some big lenders affected. i'm surprised at how quiet this story has been. i'm assuming polo hasn't said a word since they refunded the 10%? they should at least establish some sort of payment plan out of their profits like bitfinex did after they were hacked. I've found only 3 other people so far! Don't know where to find the other victims... And no news from Poloniex since they gave 10% back. I've asked support about waht's next, but no answer so far... Now getting legal advice, I've been told that proving there was a fraud would be very difficult, unless having access to Poloniex's whole data, but there was definitely a mistake. Things like this, that CLAM crash because of crazy margin trading, should never happen. |
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... but I'm part of a Lending group on telegram and some users have indeed been affected. Every update I've received comes from there, and I've just read this posted today: Jun 7
More
CLAM incident update: Make no mistake, we’re committed to making affected lenders whole, come hell or high water. We’re working on meeting this goal, including (but not limited to) recovering what the defaulted borrowers owe lenders. Regardless, losses will be addressed. From there, I believe the exchange is trying to make ammends, but I'm not sure everyone sees it the same way The problem is far from solved, I'm still missing 90% of my money, like all the pople affected I believe. I'm not very familiar with Telegram, can you giver the name of that group? Can anyone join, or do you need to be invited? You may also tell the other guys about this topic, thanks. |
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They did have some liquidity problems on Clam when it's price fell, and BTC lenders paid the price (a 12% of their balance was deducted). But it seemed like everything had been solved and they were returning the funds to their users. This action you are talking about is rather quite strange
No, the problem is far from solved. Lenders only got 10% of what Poloniex seized. Check the relevant topic: https://bitcointalk.org/index.php?topic=5151636.0Back to this subject's topic, if you have a transaction ID, it's easy to check. Did you receive the withdrawal confirmation email? What was the IP used? Your IP? |
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I've found a willing lawyer if there are people interested, but the status of the case will depend of the number of victims...
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