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Author Topic: Poloniex's taking money from its customers to cover its loss  (Read 1500 times)
squatter
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July 30, 2019, 07:57:39 AM
 #101

Another interesting topic about Poloniex:

https://bitcointalk.org/index.php?topic=5168204.0

Or just another reason not to use that exchange, and to let it die.

Any update from Poloniex? Have they even said anything since the 10% repayment? Hearing crickets at this point is bad news. It probably means they really were banking on borrowers making deposits to cover the losses. As if that were ever going to happen...

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July 30, 2019, 02:44:47 PM
 #102

Any update from Poloniex? Have they even said anything since the 10% repayment? Hearing crickets at this point is bad news. It probably means they really were banking on borrowers making deposits to cover the losses. As if that were ever going to happen...

Sadly, no. They've taken no money without showing any guilt, and it seems they have no plan to pay back. So please keep this topic active, and spread the world. If you're looking for a safe place to trade, this should not be Poloniex (or Circle).

If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
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July 30, 2019, 04:12:17 PM
 #103

I put some BTC into lending there in June but it was way past the 6th. By July everything was moved out, it got some gains, but everything went normal. I didn't knew anything like this was happening, and its quite unprofessional of theirs when its clearly their fault for messing with clam.

If i understand correctly you were taken 16% of your total BTC lending amount and from that only 10% was returned back? And you already gave up and turned to litigation?

I though no American could lend anything there after last December, and i did saw an American account this year distinctly missing the lending tab.


In the meantime, what better alternatives are there for lending bitcoin?

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July 30, 2019, 05:09:48 PM
 #104

I put some BTC into lending there in June but it was way past the 6th. By July everything was moved out, it got some gains, but everything went normal.

In the meantime, what better alternatives are there for lending bitcoin?

You were lucky, I know some guys that deposited after the balance deduction, and still got robbed.

You can still lend on Bitfinex, Liquid, Celcius, Nexo...

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July 31, 2019, 09:31:56 AM
 #105

I put some BTC into lending there in June but it was way past the 6th. By July everything was moved out, it got some gains, but everything went normal. I didn't knew anything like this was happening, and its quite unprofessional of theirs when its clearly their fault for messing with clam.

If i understand correctly you were taken 16% of your total BTC lending amount and from that only 10% was returned back? And you already gave up and turned to litigation?

I though no American could lend anything there after last December, and i did saw an American account this year distinctly missing the lending tab.


In the meantime, what better alternatives are there for lending bitcoin?

I suggest you give up lending if you're not following the news. You began right after Poloniex stole its customers, at the very moment everybody was leaving, it was a very risky move.

If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
PrimeNumber7
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August 03, 2019, 06:52:02 PM
 #106

I put some BTC into lending there in June but it was way past the 6th. By July everything was moved out, it got some gains, but everything went normal.

In the meantime, what better alternatives are there for lending bitcoin?

You were lucky, I know some guys that deposited after the balance deduction, and still got robbed.

You can still lend on Bitfinex, Liquid, Celcius, Nexo...

Bitfinex doesn’t allow US customers. I believe you can lend on all the other platforms you mentioned.

If you lend on any platform, you run the risk of the loan not being repaid. Most exchanges will not guarantee repayment and disclose that traders may have insufficient equity to cover the loan plus interest.

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August 03, 2019, 11:26:12 PM
 #107

I put some BTC into lending there in June but it was way past the 6th. By July everything was moved out, it got some gains, but everything went normal.

In the meantime, what better alternatives are there for lending bitcoin?

You were lucky, I know some guys that deposited after the balance deduction, and still got robbed.

You can still lend on Bitfinex, Liquid, Celcius, Nexo...

Bitfinex doesn’t allow US customers. I believe you can lend on all the other platforms you mentioned.

neither of them are from the USA so they're fine. unless things have changed recently, you don't need KYC to do margin lending on bitfinex anyway so i'm sure americans are still sneaking by with VPN.

i would say bitfinex is the only lending market with thick enough order books to justify the default risk. lending anywhere else is straight up crazy. just look at what happened at poloniex---and the other markets are even thinner than polo.

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August 04, 2019, 04:35:52 PM
 #108

I put some BTC into lending there in June but it was way past the 6th. By July everything was moved out, it got some gains, but everything went normal.

In the meantime, what better alternatives are there for lending bitcoin?

You were lucky, I know some guys that deposited after the balance deduction, and still got robbed.

You can still lend on Bitfinex, Liquid, Celcius, Nexo...

Bitfinex doesn’t allow US customers. I believe you can lend on all the other platforms you mentioned.

neither of them are from the USA so they're fine. unless things have changed recently, you don't need KYC to do margin lending on bitfinex anyway so i'm sure americans are still sneaking by with VPN.

i would say bitfinex is the only lending market with thick enough order books to justify the default risk. lending anywhere else is straight up crazy. just look at what happened at poloniex---and the other markets are even thinner than polo.

Being a victim here, I should not believe in lending any longer, but I still believe it could work if exchanges were better managed. I mean that there should be no margin trading on small sh*tcoins, that in all cases margin trading should be volume-limited, and that there should be circuit breakers, like on the stock market, where all trading can come to a halt in case of excessive volatility.

Frankly, a lot could be done to make trading and lending much safer that now.

If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
countryfree
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August 08, 2019, 09:40:43 AM
 #109

Poloniex is rated at TrustPilot. Usually, I don't give much credit to those ratings, but everything there is true.

https://www.trustpilot.com/review/poloniex.com

Please add your rating if you're another victim like me.

If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
Smokey23
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August 10, 2019, 03:29:44 AM
 #110

Well I too was a victim of this debacle at Poloniex.  Have only been re-imbursed 10% so far and am still scratching my head as to how the fuck a company like Circle is still running Poloniex as shadily as it ran before the Circle acquisition.

Why isn't there is class action lawsuit yet?
https://www.theblockcrypto.com/2019/06/06/poloniex-could-leave-itself-open-to-legal-threats-by-socializing-1800-btc-loss/

Perhaps a tweet storm to the following may stir up something?
https://twitter.com/jerallaire
https://twitter.com/psneville
countryfree
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August 11, 2019, 09:58:26 PM
 #111

Well I too was a victim of this debacle at Poloniex.  Have only been re-imbursed 10% so far and am still scratching my head as to how the fuck a company like Circle is still running Poloniex as shadily as it ran before the Circle acquisition.

Why isn't there is class action lawsuit yet?
https://www.theblockcrypto.com/2019/06/06/poloniex-could-leave-itself-open-to-legal-threats-by-socializing-1800-btc-loss/

Perhaps a tweet storm to the following may stir up something?
https://twitter.com/jerallaire
https://twitter.com/psneville

Thanks for joining this topic.

A class action would be nearly impossible because of Poloniex's terms. Litigation is coming, but it's really expensive. Only those who have lost a lot will do it. For the others like me, the best option remains to damage even more this exchange's reputation.

Campaign on Twitter are being done, see the "Poloniex Lending Theft"  group on Telegram to find out the schedule.


If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
Smokey23
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August 12, 2019, 04:29:04 AM
 #112

Thanks for your efforts and for making this thread. Like you, my losses are also not enough to warrant spending legal costs, however I would be happy Huh to be part of a group of creditors waiting in line to be paid back my own money. Couldn't find the telegram group - post a link?

Maybe a #hashtag campaign will stir up some action - #poloniextheft #poloniexcrooks #poloniexscam (my suggestions).

You can share my tweet too across any relevant groups: https://twitter.com/KryptoRevivaL/status/1160769662533029888
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August 12, 2019, 08:49:01 PM
 #113

Couldn't find the telegram group - post a link?

The link is on this topic already, don't have the time to look as there's an update.

Or kind of. It's more of a joke.

I've just received an email from Poloniex, and it says that all impacted lenders (that's people like me who were robbed of their savings) will be credited their Poloniex trading fees until their losses are fully recovered.

Free trading!

Well, since the incident, I've stopped all trading and lending at Poloniex and I guess many others did the same thing. I'm not about to go back, and frankly this offer is absolutely ridiculous. I've lost more than one BTC, and trading fee is 0.25% at Poloniex. I would have to trade for years to be credited the same amount Poloniex has stolen from my account.

Sorry guys, but this is no solution.

If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
Smokey23
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August 13, 2019, 07:08:30 AM
 #114

Their latest email update is a joke indeed.   Credit us back with our own trading fees?!  What a fucking farse! Why not PAY US BACK WITH THE MILLIONS YOU MAKE IN TRADING FEES YOU CROOKS?
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August 13, 2019, 01:48:13 PM
 #115

The more I think of it, the more I find it ridiculous.

Because they must have thought about it. Made their own calculations, and they should have seen that the money they stole was not business as usual to theirs victims who have all withdrawn all their coins from this damned exchange.

They made an announce, but I'm sure they know it would not cost them a dime, as nobody wants to trade with them any longer.

They shall pay back, then we'll talk.

If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
countryfree
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August 14, 2019, 01:57:11 PM
 #116

Sad news: the media are against us!

I created a new topic about this subject:

https://bitcointalk.org/index.php?topic=5175519.0

Both Coindesk and Cointelegraph are giving fake news about Poloniex paying back what it stole. It's simply not true.

If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
countryfree
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August 19, 2019, 08:37:51 PM
 #117

Poloniex's still alive, so is this topic!
But I promise to close this topic is Poloniex is giving back everything it owes us.

If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
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August 20, 2019, 08:21:02 AM
 #118

Poloniex's still alive, so is this topic!
But I promise to close this topic is Poloniex is giving back everything it owes us.
Did you mean that you will close this topic if they are giving back that they owe its users, may be they started the procedure to return the customer funds and with time they might complete the procedure, did you contact their customer service, i know they have a shitty customer care and it will take a longer time to get any response from them but you can wait for their response, i stopped visiting them a long time back as there are other options to trade without issue.

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August 20, 2019, 12:29:08 PM
 #119

Poloniex's still alive, so is this topic!
But I promise to close this topic is Poloniex is giving back everything it owes us.

I think you shouldn't close it because the doer did the deed and it needs to be buried somewhere in the ground for anyone who tries to find it any time later in future. I also had some issues with poloniex, I deposited BTC0.5 over there. Till then, they allowed me small withdrawals ranging between BTC0.01-0.05 but there came their stupid rule of 'Get your KYC done before you can withdraw more than BTC0.02xx'

It was extremely shocking because I was about to sell my BTC and trusted them that I'll be able to get my BTC whenever I'll need and that tragedy happened. It took me 2 weeks before they carried out my KYC and allowed me to withdraw my coins.

 
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August 20, 2019, 08:30:19 PM
 #120

did you contact their customer service

Of course I did, but creating this topic with dozens of people commenting it may have been more useful.

If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
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