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Author Topic: Class action lawsuit for Poloniex  (Read 4419 times)
but why
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April 21, 2017, 05:10:11 AM
 #21

Cool story

Cool story butwhy , it would have been a nice story, if only your timestamp for the 8 confirmations from poloniex happened after the screenshot from the block explorer with 44 cfms which was 27 minutes after the 8 cfms from poloniex.

You want to take a screenshot, at least take the same time to proof polo is lying, from your screens, you are the liar. ROFL

To start with, the timestamps on all three screens are NOT when the screenshot was made, but when the TRANSACTION was made. They don't change with time:
https://s30.postimg.org/bvw0rjv81/scr3.png
https://s9.postimg.org/5v26rye0v/scr4.png


Quartx, ever heard of time zones? I don't mean to be rude, but think for a moment. The first screen shows the transaction was initiated at 02:30. Then Poloniex processed it with a transaction with id: 5331919234303403334, at 02:58.

Now look at the last screen. It shows 02:06 as the time of the deposit. But it's a different time zone, it would be 03:06 using the same time zone as the previous screens.

Let's say I'm lying, and all the times are given for the same time zone. Then why would Poloniex be showing my deposit time as 02:06? My deposit didn't even exist then, it was made at 02:30.

Poloniex shows wrong deposit time for a reason. They are not claiming that I made my deposit EARLIER than I actually made it. They are claiming I made it LATER than I actually made it.

They are:
1) claiming that my deposit was transaction with id: 5331919234303403334. In fact, it's the transaction with which they processed my deposit, not the original deposit
2) claiming that transaction with id 5331919234303403334 was made at 02:06 (or 03:06 my time zone).
In fact, it was made at 02:58 my time zone. Use mynxt.info block explorer to verify that:
https://mynxt.info/transaction/5331919234303403334
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May 08, 2017, 12:03:41 AM
 #22

The lag is VERY real, but I'm sure is combination of bots/DDoS/Heavy usage during major sells.  That said I was VERY miffed yesterday on a margin trade.  I had over 60% margin on a Factom sell RIGHT before a big drop.  Walked away for 10 minutes, came back and it had auto-closed with no explanation or message literally seconds before the drop where I would've made a killing.

My only guess that makes sense is there was a brief (very very short) mega-pump seconds before the drop, which would only occur or be coordinated for the purposes of shedding margin traders who didn't have a MASSIVE reserve in their margins.  There's no other technical reason I can see for it to have closed outside of technical malfunction/malfeasance.

Definitely wasn't make or break, but I've certainly been transitioning most of my assets out of Polo because of this and some other oddness I've seen there for the last month+.

They can't be beat for liquidity, but I can't imagine they're not complicit to some extent in market manipulation.

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May 08, 2017, 12:09:17 AM
 #23

Definitely wasn't make or break, but I've certainly been transitioning most of my assets out of Polo because of this and some other oddness I've seen there for the last month+.

They can't be beat for liquidity, but I can't imagine they're not complicit to some extent in market manipulation.

I personally don't believe they are complicit in market manipulation, I think they are just a victim of their own success. However your reaction is the right one in my opinion and OP's wanting to sue them when they haven't done anything illegal is wrong. If you are unsatisfied with Polo transition your assets to another exchange, then they will either have to adapt and become better or another exchange will. As for liquidity even though Polo is the best there are certainly good options available depending on the asset.
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May 08, 2017, 03:35:39 PM
 #24

Its worrying that with all the money they must have coming in they still cant find the funds to do a server upgrade.
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May 08, 2017, 05:04:28 PM
 #25

Its worrying that with all the money they must have coming in they still cant find the funds to do a server upgrade.

Not as easy as people make it seem.. think about newegg or amazon on black friday....  even the best services can get overwhelmed and the increase in volume has been relatively new and it takes time to upgrade servers.   Many people miss good deals on black friday because sites crash.. it's the risk you take investing in what I would dub the "wild west" of the investing world.

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May 08, 2017, 10:45:41 PM
 #26

Not to mention the fact that many people can't withdraw ANYTHING from their accounts..


Billionaire Token - Are you burning to play?
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May 08, 2017, 11:52:18 PM
 #27

How's this for strange.

I somehow have an open margin long position in XRP @ .00021461? The price never came near that, nor spiked to that price point, yet here I am with this open position I did not order, that is obviously at a huge loss because the price only ever made it around .00014.

So tell me: How exactly would an open position fulfill at a price that never even spiked to that price point? I'm sitting looking at a loss and lending fees that just keep adding up for an order I didn't make, and obviously would never make, why the hell would I buy something that's 1.5x the recent ATH? I wouldn't, but yet here I am slowly losing money over it, if I close it out Ill lose hundreds of dollars. I contacted support, but wont cross my fingers that they respond.

Polo is turning into Cryptsy.

Patterson Law Firm in FL has been put on retainer and are investigating claims against Poloniex for fraud. You can contact Alexander Passo @ apasso@pattersonlawfirm.com if you've been dealing with any issues. Poloniex's terms of service are not enforceable in court, regardless of how much they want you to think they are.
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May 11, 2017, 04:23:36 AM
 #28

This thread makes me laugh.

Only poor losers want to start a class action. (Mr and Mrs Sue America for anything)
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May 11, 2017, 06:00:51 AM
 #29

They have stopped serving Washington residents. I had until the 2nd of June to close my margin positions. I did so last friday. I was instantly locked out of my account and forced to file a ticket to have my funds transferred out. I haven't heard a thing. The moderators are ignorant or flat out lying when they say it will be 24-48 hours for an answer to a ticket.

Oh yeah I got massacred the first time xrp went to 7050 and the shit hit the fan.

Think I might fall into the class seeking some form of restitution even if it is only threefitty.

And who are the people behind Polo and where are they?
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May 12, 2017, 12:24:22 PM
 #30

Same crap tonight, can't trade at all.
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May 12, 2017, 11:01:04 PM
 #31

This thread makes me laugh.

Only poor losers want to start a class action. (Mr and Mrs Sue America for anything)

That is because you are never burned from crypto exchange like some people are (And I hope you will not be burned at all!)...But believe me,it is not nice expirience to lose hard earned bitcoins

The best Bitcoin and Altcoin Gambling:
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May 13, 2017, 03:59:38 PM
 #32

Get them guys!
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May 16, 2017, 03:27:52 PM
 #33


Definitely wasn't make or break, but I've certainly been transitioning most of my assets out of Polo because of this and some other oddness I've seen there for the last month+.

They can't be beat for liquidity, but I can't imagine they're not complicit to some extent in market manipulation.

May I ask what exchange you are transitioning to?

I have used Poloniex for the past couple of months. Only had a few issues until this week where it now seems like the lagging is affecting trade in many altcoins. Have a little on Bittrex which seems to be working good. I don't want to get into exchange hopping but I probably should spread across more exchanges.
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May 16, 2017, 03:32:29 PM
 #34


Definitely wasn't make or break, but I've certainly been transitioning most of my assets out of Polo because of this and some other oddness I've seen there for the last month+.

They can't be beat for liquidity, but I can't imagine they're not complicit to some extent in market manipulation.

May I ask what exchange you are transitioning to?

I have used Poloniex for the past couple of months. Only had a few issues until this week where it now seems like the lagging is affecting trade in many altcoins. Have a little on Bittrex which seems to be working good. I don't want to get into exchange hopping but I probably should spread across more exchanges.

Yeah I've never had any major issues with polo other than the odd few minutes of lag. I mean even now its not that bad but I guess when you are margin trading it can make or break you.

As for the class action suit ultimately it will fail, its part of their terms that they can't be held responsible for lag and its not like they physically stole any money from anyone. So unless the allegations of insider trading can be proven no one will get anything back.
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May 18, 2017, 10:13:35 PM
 #35

Ive used polo for years and its never been this bad. I dont feel sorry at all for anyone trading on margin that lost, its yalls fault for such risky trading.

My beef is with them letting withdrawals sit in "awaiting approval" mode for days and doing nothing about it....basically holding peoples coins hostage because of their lack of support.
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May 19, 2017, 01:39:12 AM
 #36

How about start using decentralized services like bitsquares, bitshares.openledger.info etc?

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May 21, 2017, 03:03:35 AM
 #37

I had a "stop loss failure" of 25BTC during the "DDOS". I work in information security I'm not buying DDOS attack for a second. I'm not buying that statement they released about growth, etc either. It's filled with buzz words and bullshit. It was probably written during the DDOS in wonderland.

I talked to an attorney yesterday. They're privately investigating a certain date range now to determine if they can start a civil suit against poloniex. They were quick to respond and eager to get as much information as possible. They're interested in both trading details and interaction with Poloniex's technical support. They sounded more interested in the ladder which I found interesting at first. It's making more sense now since their support has failed to respond to my request since I opened it 8 days ago. I started to post the attorney's info into the "trollbox" today. I was banned from posting no warning either. The moderator usually announces it when they ban someone and state for how long. I was silently banned which is just another strange occurrence.

Losing that amount of money with no explanation is obviously infuriating. Believe it or not the fact that they're giving crypto and more importantly blockchain a bad name pisses me off even more. They have no business playing in the decentralized playground. They define everything that's wrong with centrally governed institutions. If you're in the business of screwing people go hang out in the playground on wall st.

Below is the law firms contact info. As I said they were quick to respond. I originally sent a message to the info address. I have a contact there now. I don't want to give out that info without asking. I'll ask them tomorrow how they'd like the word to be spread.

BERNS WEISS LLP https://www.law111.com/ info@law111.com

This firm has a dedicated team they formed in 2013 that works specifically in crypto and blockchain technology. I didn't know that at first. I think I read they're helping coinbase with their IRS subpoena for personal records.

I also contacted freshdesk.com their outsourced support provided. I explained how terrible Poloniex's support is and and it's one of the main reason I won't be using the site anymore.
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May 21, 2017, 07:03:18 AM
 #38

I am also experiencing lots of lag on poloniex lately but i don't know how much i have actually lost due to it. During large pump & dumps it is quite hard to manually place orders there. They need to upgrade their servers to handle very high traffic without lagging.

Still, I am facing little bit problems with poloniex because due to growth in the market daily there are many people trading makes the site lagging while placing the order. So they need to upgrade servers to make it more comfortable for the people.


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July 13, 2017, 12:13:18 AM
 #39

To whom this may concern,

I'd start making the assumption that whatever Poloniex is currently doing, it's likely an exit scam like you mention. They've been holding a pending withdrawal of mine hostage for nearly 1.5 weeks. See the link below. This hasn't been approved despite the Poloniex customer policy of manually approving within 24 hours.

Here's a link that demonstrates my transaction detail:
https://www.evernote.com/l/ArPjtTQYU1NEj4zdVkudaZ3jkO0SrcaDYwg

Here's the link that demonstrates that Poloniex is a complete lie:
https://poloniex.freshdesk.com/support/solutions/articles/1000244844-my-withdrawal-is-awaiting-approval

Unfortunately, there's no support and when the team does finally reach you, they don't discuss the topic at hand, rather, they direct you to the resources section on support that doesn't help at all...

MR

http://[Suspicious link removed]/the_poloniex_scam
https://www.sec.gov/Archives/edgar/data/1671423/000167142316000001/xslFormDX01/primary_doc.xml
https://www.linkedin.com/in/abandich/
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