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

[2double0]

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.

I don't think of it as helpful until they respond.
busoni (Owner of Poloniex) seems to be the only guy from Poloniex who was available here till Feb 2018, so I can't ask you to contact him for any response here and if nobody from other party can respond you, how can you expect forum to play any role except give them red trust. You can stop a few people from using their exchange but not all.

[PrimeNumber7]

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.

I don't think of it as helpful until they respond.
busoni (Owner of Poloniex) seems to be the only guy from Poloniex who was available here till Feb 2018, so I can't ask you to contact him for any response here and if nobody from other party can respond you, how can you expect forum to play any role except give them red trust. You can stop a few people from using their exchange but not all.

He is no longer the owner of Poloniex and hasn’t been for quite some time now. Circle purchased Poloniex early last year.

[countryfree]

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.

I don't think of it as helpful until they respond.
busoni (Owner of Poloniex) seems to be the only guy from Poloniex who was available here till Feb 2018, so I can't ask you to contact him for any response here and if nobody from other party can respond you, how can you expect forum to play any role except give them red trust. You can stop a few people from using their exchange but not all.

He is no longer the owner of Poloniex and hasn’t been for quite some time now. Circle purchased Poloniex early last year.

Yes, and the man's living the good life, now.

Somehow, I think the lending loss wouldn't have happened if Busoni would have been in charge. I guess he wouldn't have allowed huge margin trading on such a small altcoin. The man had a better understanding of cryptos than Circle...

[tsaroz]

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.

I don't think of it as helpful until they respond.
busoni (Owner of Poloniex) seems to be the only guy from Poloniex who was available here till Feb 2018, so I can't ask you to contact him for any response here and if nobody from other party can respond you, how can you expect forum to play any role except give them red trust. You can stop a few people from using their exchange but not all.

He is no longer the owner of Poloniex and hasn’t been for quite some time now. Circle purchased Poloniex early last year.

Yes, and the man's living the good life, now.

Somehow, I think the lending loss wouldn't have happened if Busoni would have been in charge. I guess he wouldn't have allowed huge margin trading on such a small altcoin. The man had a better understanding of cryptos than Circle...

This seem to be an issue with Poloniex and with new ownership. This doesn't affect the Bitfinex lending as they are independent platform.
Poloniex did have a large make over with the change of ownership but they still failed to gain attentions form the large traders on a competitive market with low fees and better supports. There are many ways of exchanging coins and people with much of hacking news everyday are moving towards dex and P2P exchanges.

[PrimeNumber7]

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.

I don't think of it as helpful until they respond.
busoni (Owner of Poloniex) seems to be the only guy from Poloniex who was available here till Feb 2018, so I can't ask you to contact him for any response here and if nobody from other party can respond you, how can you expect forum to play any role except give them red trust. You can stop a few people from using their exchange but not all.

He is no longer the owner of Poloniex and hasn’t been for quite some time now. Circle purchased Poloniex early last year.

Yes, and the man's living the good life, now.

Somehow, I think the lending loss wouldn't have happened if Busoni would have been in charge. I guess he wouldn't have allowed huge margin trading on such a small altcoin. The man had a better understanding of cryptos than Circle...

I don't know if there would have been losses if he was still in charge. There was margin trading going back years when he was running Poloniex. Poloniex has long has a very small market share of overall trading volumes, so having a large amount of margin loans outstanding for one coin is usually not a huge deal because of large trading volumes on other exchanges, and the ability of the market as a whole to absorb liquidations. What happened with clams is that no other reputable exchange is trading clams, so poloniex had a nearly 100% market share of volumes, which means they actually needed to monitor outstanding margin loans as a factor of trading volumes and orderbook liquidity.

I don't know when margin trading started on Poloniex, but if it was before ownership was sold to Circle, and there were not risk monitoring systems in place that were sounding off alarm bells well before the amount of margin loans for clams were outstanding, I would suspect he didn't have anything in place to stop the platform from allowing additional margin loans on these types of coin.

[gunshot]

An article about the Poloniex incident was just posted by a user at our web site: https://creditstocks.com/poloniex-scam-alert/
Spread the word, if you agree.

[EdenHazard]

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.

I don't think of it as helpful until they respond.
busoni (Owner of Poloniex) seems to be the only guy from Poloniex who was available here till Feb 2018, so I can't ask you to contact him for any response here and if nobody from other party can respond you, how can you expect forum to play any role except give them red trust. You can stop a few people from using their exchange but not all.

He is no longer the owner of Poloniex and hasn’t been for quite some time now. Circle purchased Poloniex early last year.

Yes, and the man's living the good life, now.

Somehow, I think the lending loss wouldn't have happened if Busoni would have been in charge. I guess he wouldn't have allowed huge margin trading on such a small altcoin. The man had a better understanding of cryptos than Circle...

There's some unsolved problem margin trading in poloniex even since 2017 , so i think it's been exist when busoni in charge , wouldn't make any difference now.

I personally left poloniex in 2018 after they ignored all my emails regarding the deposit and withdrawal problem , takes too much time to respond on it causing me in quite huge loss due that time I was doing arbitrage trade. You know how it feels ... sucks. Although I respect how they didn't faking their trading volume,  I hate how they threat customer in such way. Shame on poloniex with this socializing 1,800 btc loss.

[countryfree]

An article about the Poloniex incident was just posted by a user at our web site: https://creditstocks.com/poloniex-scam-alert/
Spread the word, if you agree.

Thanks a lot for your support.
I appreciate it.

[countryfree]

To get the latest news about the issue, check the "Poloniex Lending Theft" group on Telegram.

[countryfree]

Poloniex sent me (and to all other victims) the following email:

Dear Poloniex Customer,

We committed to fully reimburse all losses incurred on our platform due to a June 2019 margin incident.

We are pleased to share that today you have received your first trading fee reimbursement credit. This lump sum reimburses 100% of trading fees assessed from June 6th to September 5th. Moving forward, you will continue receiving daily trading fee credits until all losses have been reimbursed.

Additionally, starting as soon as possible, we will begin reimbursing 100% of all lending fees.

Thank you very much for your patience as we continue to work to resolve this incident. In addition to our commitment to making you whole, we remain dedicated to earning back your trust, which we know will take time and further investment.

Should you have any additional questions, please do not hesitate to reach our Support Team here.

Sincerely,

Team Poloniex

They haven't forgotten, neither do I!
But their answer is quite insulting.

I've received a credit of less than 0.00001... BTC

This is ridiculous when I've lost more than 1 BTC...

[almightyruler]

Bit surprised to see the "Lend" link appears next to my CLAM balance on Poloniex. It also appears for BTS, FCT and MAID.

https://medium.com/circle-trader/overview-of-btc-margin-lending-pool-losses-a2f0905aaa56

"To protect lenders, we are removing margin trading for 4 assets: BTS, CLAM, FCT, and MAID. In order for margin liquidations to process in an orderly manner, the market must have sufficient liquidity, and these tokens currently lack that liquidity. We will continue to monitor them and may reinstate margin trading for them in the future. We have communicated directly with all margin lenders in these markets."

Does anyone know when margin trading was reinstated for those four cryptocurrencies? Is there anything official about this?

[squatter]

Dear Poloniex Customer,

We committed to fully reimburse all losses incurred on our platform due to a June 2019 margin incident.

We are pleased to share that today you have received your first trading fee reimbursement credit. This lump sum reimburses 100% of trading fees assessed from June 6th to September 5th. Moving forward, you will continue receiving daily trading fee credits until all losses have been reimbursed.

Add insult to injury, why don't you?

Bit surprised to see the "Lend" link appears next to my CLAM balance on Poloniex. It also appears for BTS, FCT and MAID.

Does anyone know when margin trading was reinstated for those four cryptocurrencies? Is there anything official about this?

Have you actually tried to lend them or take margin positions in those markets? I wouldn't be surprised if they aren't functioning. Poloniex is known for weird glitches and a sloppy front end.

[almightyruler]

Bit surprised to see the "Lend" link appears next to my CLAM balance on Poloniex. It also appears for BTS, FCT and MAID.

Does anyone know when margin trading was reinstated for those four cryptocurrencies? Is there anything official about this?

Have you actually tried to lend them or take margin positions in those markets? I wouldn't be surprised if they aren't functioning. Poloniex is known for weird glitches and a sloppy front end.

I'm not game to actually try to use their lending system, but I don't recall seeing the Lend link next to my CLAM balance since the "incident". My memory may have failed, though.

If they are indeed lending CLAM again it could be potentially risky, since CLAM has been in maintenance for around a month... no deposits or withdrawals. It's essentially a virtual token at the moment.

[countryfree]

I'm not game to actually try to use their lending system, but I don't recall seeing the Lend link next to my CLAM balance since the "incident". My memory may have failed, though.

If they are indeed lending CLAM again it could be potentially risky, since CLAM has been in maintenance for around a month... no deposits or withdrawals. It's essentially a virtual token at the moment.

So Poloniex could be even worse that I thought!
I sure don't want to test it, but if they have reinstated CLAM lending, they're mad. I wish I had discovered their madness before June...

[nejel]

120 days passed from the day Poloniex stole 1800 BTC from it's customers to cover it's losses incurred in CLAM price crashes caused directly by it's incompetence and poor management. They announced that they are "committed to making lenders whole, come hell or high water" but I received only one 10% repayment 112 days ago and not a single satoshi after that. Beware of Poloniex!

[countryfree]

4 months!
It was the 6th of June that Poloniex stole 1800 BTC them its customers.
This exchange still owes them more than 89% of that sum.
I will update this topic at least once a month to tell the world about it.

At least, the message is clear to all holders and investors, stay away from Poloniex.

[milewilda]

4 months!
It was the 6th of June that Poloniex stole 1800 BTC them its customers.
This exchange still owes them more than 89% of that sum.
I will update this topic at least once a month to tell the world about it.

At least, the message is clear to all holders and investors, stay away from Poloniex.

I cant still believe that there still people who do believe out into this exchange?
Following up https://medium.com/circle-trader and https://twitter.com/poloniex if ever they would post out some updates.
I would keep an eye to this thread to see on what you've got.

[countryfree]

4 months!
It was the 6th of June that Poloniex stole 1800 BTC them its customers.
This exchange still owes them more than 89% of that sum.
I will update this topic at least once a month to tell the world about it.

At least, the message is clear to all holders and investors, stay away from Poloniex.

I cant still believe that there still people who do believe out into this exchange?
Following up https://medium.com/circle-trader and https://twitter.com/poloniex if ever they would post out some updates.
I would keep an eye to this thread to see on what you've got.

Thanks for your support.

[PrimeNumber7]

Circle announced that Poloniex is spinning out into a new company based in Asia (and backed by a new set of investors[?]). They announced there will be in excess of $100 million in investments in the new company’s platform. I am not sure how they would spend that much money improving the platform, but I would now find it unlikely that lenders will receive additional compensation.

[squatter]

Circle announced that Poloniex is spinning out into a new company based in Asia (and backed by a new set of investors[?]). They announced there will be in excess of $100 million in investments in the new company’s platform. I am not sure how they would spend that much money improving the platform, but I would now find it unlikely that lenders will receive additional compensation.

I'm not sure how either, especially since they are pulling completely out of the United States -- no licensing or FinCEN compliance required.

It would only take 12-13% of that $100 million to make lenders whole, but I agree it's unlikely given the circumstances. Circle is obviously washing its hands of the situation, and it sounds like they're dumping Poloniex for cheap.