Poloniex's taking money from its customers to cover its loss

[countryfree]

Having lived through a few "socialised losses" over the years, I remain somewhat sceptical. That initial ~10% could represent the easiest funds to recover from overdrawn accounts, or perhaps a portion of Poloniex's reserves/operating funds.

At least they seem to be repaying in BTC - like for like - rather than some internal token which has its value fixed to the exchange rate on the day of the event.

With Poloniex?
I think I've had some money in my lending wallet at Poloniex continuously since mid 2016. I had never experienced any "socialized loss". Do you think I was lucky? Anyway, I'm still missing 90% of the 16% Poloniex seized from my account, and that's substantial money. So I'm not so lucky...

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[almightyruler]

Having lived through a few "socialised losses" over the years, I remain somewhat sceptical. That initial ~10% could represent the easiest funds to recover from overdrawn accounts, or perhaps a portion of Poloniex's reserves/operating funds.

At least they seem to be repaying in BTC - like for like - rather than some internal token which has its value fixed to the exchange rate on the day of the event.

With Poloniex?
I think I've had some money in my lending wallet at Poloniex continuously since mid 2016. I had never experienced any "socialized loss". Do you think I was lucky? Anyway, I'm still missing 90% of the 16% Poloniex seized from my account, and that's substantial money. So I'm not so lucky...

I've been affected by losses at mtgox, Vircurex, bter, Cryptsy, Cryptopia, etc. Some are fairly absolute (such as Cryptsy abruptly going out of business) but others have been some event (such as a hack) which resulted in "haircuts" being applied to customer balances.

So I was speaking generally about past events with other exchanges, not specifically Poloniex. Sorry for not making that clear.

[countryfree]

Having lived through a few "socialised losses" over the years, I remain somewhat sceptical. That initial ~10% could represent the easiest funds to recover from overdrawn accounts, or perhaps a portion of Poloniex's reserves/operating funds.

At least they seem to be repaying in BTC - like for like - rather than some internal token which has its value fixed to the exchange rate on the day of the event.

With Poloniex?
I think I've had some money in my lending wallet at Poloniex continuously since mid 2016. I had never experienced any "socialized loss". Do you think I was lucky? Anyway, I'm still missing 90% of the 16% Poloniex seized from my account, and that's substantial money. So I'm not so lucky...

I've been affected by losses at mtgox, Vircurex, bter, Cryptsy, Cryptopia, etc. Some are fairly absolute (such as Cryptsy abruptly going out of business) but others have been some event (such as a hack) which resulted in "haircuts" being applied to customer balances.

So I was speaking generally about past events with other exchanges, not specifically Poloniex. Sorry for not making that clear.

OK, thanks.

I've always been very, very cautious about choosing exchanges.
I've used Poloniex, Bitfinex, Binance and Kraken. That's it.

And I've never had any bad experiences, besides a few delays when making deposits or withdrawals.

Poloniex was my first bad experience (after several good years)! And I hope the last...

[stormos]

Is there some lenders club who negotiating with the exchange, preparing lawsuit etc?
How can I join?

[countryfree]

Is there some lenders club who negotiating with the exchange, preparing lawsuit etc?
How can I join?

Can you please answer the following questions:

Did you have 16% of the money in your lending wallet seized on June 6th?
Did you get about 10% back on June the 14th?
Have you been exchanging with Poloniex already?
Are you a US citizen?
Where do you live? (I'm based in central Europe).

[PrimeNumber7]

Is there some lenders club who negotiating with the exchange, preparing lawsuit etc?
How can I join?

Can you please answer the following questions:
<>
Are you a US citizen?
<>

Poloniex actually closed margin borrowing and lending to US customers several months ago. You also need to verify your account to deposit. There should not be anyone from the US who lost money.

[stormos]

Is there some lenders club who negotiating with the exchange, preparing lawsuit etc?
How can I join?

Can you please answer the following questions:

Did you have 16% of the money in your lending wallet seized on June 6th? yes
Did you get about 10% back on June the 14th? yes
Have you been exchanging with Poloniex already?  i've go some clarification from support team
Are you a US citizen? no
Where do you live? (I'm based in central Europe). russia

my mail is stormos at gmail

[countryfree]

Is there some lenders club who negotiating with the exchange, preparing lawsuit etc?
How can I join?

Can you please answer the following questions:

Did you have 16% of the money in your lending wallet seized on June 6th? yes
Did you get about 10% back on June the 14th? yes
Have you been exchanging with Poloniex already?  i've go some clarification from support team
Are you a US citizen? no
Where do you live? (I'm based in central Europe). russia

One thing I forgot to ask, have you ever owned any CLAM?
That's the big idea, I've never owned any CLAM so I should not suffer from that sh*tcoin's collapse.

Anyhow, things won't be easy. We're in different countries, and Poloniex is in America.

[stormos]

One thing I forgot to ask, have you ever owned any CLAM?
That's the big idea, I've never owned any CLAM so I should not suffer from that sh*tcoin's collapse.

Anyhow, things won't be easy. We're in different countries, and Poloniex is in America.

CLAM was airdropped to all bitcoin holders. I redeemed it and sold immediately at another exchange years ago.

I think we should hire american lawyer to represent our interests

I strongly believe It wasn't just a shitcoin collapse but a fraud and Poloniex was a tool. I can show it with a numbers

[countryfree]

I think we should hire american lawyer to represent our interests

I strongly believe It wasn't just a shitcoin collapse but a fraud and Poloniex was a tool. I can show it with a numbers

We have one problem, and it's a big problem. There's not enough of us. 1,800 BTC have been seized and that's huge, so there should be many of us with the same problem. I created this topic to find other victims, where are they?

If you've been a victim of Poloniex in this affair, please participate in this topic.

[countryfree]

I've found a willing lawyer if there are people interested, but the status of the case will depend of the number of victims...

[stormos]

i heard some victims were blocked by polo because their over-emotional conversations with support

[Csmiami]

Came here thanks to this message.

 Now, I was personally not affected by this, 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

[stormos]

Came here thanks to this message.

 Now, I was personally not affected by this, 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:

From there, I believe the exchange is trying to make ammends, but I'm not sure everyone sees it the same way

Could you please invite me to the group?

[countryfree]

... 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.

[Csmiami]

The problem is far from solved, I'm still missing 90% of my money, like all the pople affected I believe.

I'm really sorry to hear that, hope it gets sorted out

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.

Yeah, sure! It's the group from the lending bot Coinlend; it's an open group and the link is the following: https://t.me/CoinlendOfficial

[figmentofmyass]

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.

[PrimeNumber7]

they should at least establish some sort of payment plan out of their profits like bitfinex did after they were hacked.

I don't think poloniex plans on using money from their profits to repay lenders. I believe their intention to solely use coins recovered from defaulted borrowers. At least this is my understanding

[timerland]

they should at least establish some sort of payment plan out of their profits like bitfinex did after they were hacked.

I don't think poloniex plans on using money from their profits to repay lenders. I believe their intention to solely use coins recovered from defaulted borrowers. At least this is my understanding

That is my understanding as well, and that's what's stated on their announcement since the beginning. They've shown no intentions to make amends.

I personally think that they should at least take some responsibility over this ordeal. They were stupid enough to let the CLAM/BTC pair to be traded on margin despite knowing full well that the liquidity of clams were extremely low, as I've stated before. They even acknowledged this themselves. If you acknowledge that, then why aren't you taking responsibility?

i heard some victims were blocked by polo because their over-emotional conversations with support

Where did you get this info? If this is true, then it's unprofessional by Polo. Users will get emotional at times, especially when their money's at stake.

[stormos]

Where did you get this info?

private conversations with strangers from russian telegram polo chat.