Topic: Polo To Face Class Action Suit - page 2. (Read 3212 times)
Isn't half the point of having a crypto exchange so you can insider trade on it? I'd be shocked if this isn't going on with every unregulated exchange. IIRC various exchange owners have even admitted to trading on their own exchange before realizing it might not be something they should be talking about openly. Of course if they do that why wouldn't they use insider info. Hell, that's probably how they pay the Polo mods
Polo is to face class action suit for insider trading before announcement of delisting 17 altcoins,evidence being gathered now according to a coin developer.
I'm surprised all the other exchanges like ccex are delisting inactive coins but they are not being sued so how come only Poloniex being sued for de listing,exchanges has valid reason to delist because their database cannot keep up You have a point,people trust poloniex compare to other exchange and coins that are on their database are top coins in the market,polo is known as the best destination for the best coins in the market,they should explain this to all their traders and members.
I think that the lesson to be learned, here, is do not hold, in meaningful quantities, crypto that is listed on only one exchange (No matter how big and what volume) - unless that crypto is, itself, capable of exchange on the blockchain - e.g. Waves, NXT etc.
Martin Repetto, CEO of Voxelus and Voxels coins (VOX) suspects insider trading around Poloniex.
“Honestly they sent no warning whatsoever, there is no problem with The voxel nor Voxelus, in fact, we are better than ever. I don’t know why they choose to delist us, they haven’t contacted us previously, but if you care to investigate, take a look at the graphics of ALL the coins announced to be delisted, they all follow a trend like if “someone” knew they were going to get delisted, hence price dropping like crazy. They all look alike.”
“We don’t have proof but everyone is saying thru the grapevine that there was inside knowledge. This can turn into a shit storm, we want to know why we got delisted, and address any issues to be listed again, also we want to know about the pattern all these coins followed EXACTLY 1 day before the announcement.”
“Honestly they sent no warning whatsoever, there is no problem with The voxel nor Voxelus, in fact, we are better than ever. I don’t know why they choose to delist us, they haven’t contacted us previously, but if you care to investigate, take a look at the graphics of ALL the coins announced to be delisted, they all follow a trend like if “someone” knew they were going to get delisted, hence price dropping like crazy. They all look alike.”
“We don’t have proof but everyone is saying thru the grapevine that there was inside knowledge. This can turn into a shit storm, we want to know why we got delisted, and address any issues to be listed again, also we want to know about the pattern all these coins followed EXACTLY 1 day before the announcement.”
You need more solid proof that it is Poloniex that sold before announcing delisting.
No, that is not neccessarily how being found guilty of insider trading works.
If insider trading regulations applied to crypto, which I don't think they do since they are not regulated by the SEC...
Sure, if you have enough evidence that they acted on insider information by selling the cryptos themselves before the delisting would probably equate to a settlement in the class action.
But, it does not have to be Polo that actually did the selling of the cryptos. Disseminating the insider information to a third party, and the third party acting on the information is also illegal. Especially when the tipper receives some sort of economic benefit for tipping off the third party.
So, even if you didn't have proof that Polo acted on the information, you could probably reach a settlement in the suit if you had reasonable evidence that they tipped off a third party about the delisting in advance of it, and then that third party acted upon that information.
If that were the case, then both the insiders (tipper) and the third party(s) (tipees) would be guilty of insider trading.
All 17 altcoins had massive dump before the announcement just check the graphs. I was never a believer in coincidences.I hold no altcoins apart from mining fees from our pool and I just bought some EXCL as I want to try a master node,so have no skin in the game just reporting the facts
The fact that there are sells before delisting may not be a proof it is Poloniex that sold. It might as well be some large trader exiting their position. You need more solid proof that it is Poloniex that sold before announcing delisting. And, if a project/coin is decent the announcement of delisting it from Poloniex should not affect on the price. Delisting from one of the exchanges is not that big deal in my opinion.... By the way, how do you know it is not Poloniex that caused the dump? A lot of selling was taking place upon the announcement.
Yes, your probably right half were virtually dead but there were a few good possibilities.The problem arises where Polo used their knowledge to sell their wallets or someone did with the knowledge they were being delisted.That can be construed as insider trading or fraud
Polo is to face class action suit for insider trading before announcement of delisting 17 altcoins,evidence being gathered now according to a coin developer.
Please post the names of all 17 altcoins and I am very sure there will be no such lawsuit. They are scam cryptocoins that were used for pump and dumps. Poloniex had the reserved right to delist them. If there were people involved in insider trading it was the coin developers themselves.
Unity (Supernet), one of the best projects going on in Crypto, but it´s just about volume, Polo is an exchange, after all.
you probably hold the crap bag, after almost 4 years this unity (supernet) still offer nothing it have promised and volume have usually less than 1btc. this scammer jj777 already went to created another scam kid project komoto. the logo is created by some 8 year old girl for $10,0000.
polo delisting coins which sit for years which offer and develop nothing on their original promised/roadmap. again, years and years, nothing like they list today and removing next month.
Well if your ok with that type of behavior I am glad you don't run a company as you would be in the jail
VOX is almost at the same level now as it was prior to the announcement... I do not see any valid reason for whining. It is obvious that Poloniex will get rid off their Voxels they have collected as fees before they will delist it.
My advice is that if you think the price is down, then buy and do not whine. If it is expensive, then sell.
It is good that Polo will focus on quality and leave the shitcoins to other exchanges.
Personally I am happy for removal of shitcoins - it makes Poloniex userface more userfriendly as there is less traffic. Actually if I am not mistaken, I have sent them a suggestion to start removing all the shitcoins from the exchange.
My advice is that if you think the price is down, then buy and do not whine. If it is expensive, then sell.
It is good that Polo will focus on quality and leave the shitcoins to other exchanges.
Personally I am happy for removal of shitcoins - it makes Poloniex userface more userfriendly as there is less traffic. Actually if I am not mistaken, I have sent them a suggestion to start removing all the shitcoins from the exchange.
Polo is to face class action suit for insider trading before announcement of delisting 17 altcoins,evidence being gathered now according to a coin developer.
I'm surprised all the other exchanges like ccex are delisting inactive coins but they are not being sued so how come only Poloniex being sued for de listing,exchanges has valid reason to delist because their database cannot keep up Polo is to face class action suit for insider trading before announcement of delisting 17 altcoins,evidence being gathered now according to a coin developer.
I'm surprised all the other exchanges like ccex are delisting inactive coins but they are not being sued so how come only Poloniex being sued for de listing,exchanges has valid reason to delist because their database cannot keep up Polo is to face class action suit for insider trading before announcement of delisting 17 altcoins,evidence being gathered now according to a coin developer.
I'm surprised all the other exchanges like ccex are delisting inactive coins but they are not being sued so how come only Poloniex being sued for de listing,exchanges has valid reason to delist because their database cannot keep up 
Polo is to face class action suit for insider trading before announcement of delisting 17 altcoins,evidence being gathered now according to a coin developer.
I'm surprised all the other exchanges like ccex are delisting inactive coins but they are not being sued so how come only Poloniex being sued for de listing,exchanges has valid reason to delist because their database cannot keep up
For people here who do not know what insider trading is, its nothing to do with shorting coins or any other idea you seem to have its operating on knowledge, not in the public domain.What Polo did or someone with their knowledge was sold all 17 wallets before announcing they're delisted .Now as they were sold for BTC a judge has to decide again if insider rules apply to bitcoin and if they defrauded their clients in any way.
A cryptocurrency trading expert, who wishes to stay anonymous, spoke about the situation at Poloniex:
“There are people already organizing to present a class action lawsuit for insider trading. I don’t know if that’s going to go anywhere. That’s a ‘bad’ storm for any exchange, having your emails turned over and investigated inside out, a lot of explaining to do.”
Tristan D’Agosta, the founder of Poloniex, is apparently a music graduate, with no listed experience in coding until he created Poloniex. Instead, his work background appears to be fully in “sheet music” and “freelance fiction.” Maybe that's why their security is that bad
A cryptocurrency trading expert, who wishes to stay anonymous, spoke about the situation at Poloniex:
“There are people already organizing to present a class action lawsuit for insider trading. I don’t know if that’s going to go anywhere. That’s a ‘bad’ storm for any exchange, having your emails turned over and investigated inside out, a lot of explaining to do.”
Tristan D’Agosta, the founder of Poloniex, is apparently a music graduate, with no listed experience in coding until he created Poloniex. Instead, his work background appears to be fully in “sheet music” and “freelance fiction.” Maybe that's why their security is that bad
I am glad Poloniex is delisting the crab. I am not sure if I am the only one but I have problems with Poloniex user interface - it is sometimes pretty slow and clumsy - probably one reason is that there is so much crab listed so better to get rid off them and focus on a few quality coins and offer them high liquidity and margin trading opportunity.
I don't think insider trading regulations apply to cryptocurrencies, only stock or other SEC regulated securities. At least... not yet.
Any insider trading regulations that pertained to cryptocurrencies would be hard to enforce and prove too.
Any insider trading regulations that pertained to cryptocurrencies would be hard to enforce and prove too.
Insider trading is never allowed.. Doesn't matter if it is only stock or regulated securities.
That it is difficult or impossible to enforce in crypto is another thing ofcourse.
It would not make any sense to insider trade those coins because you can't short them anyways.
Plus look at the volume today 142953 BTC, with 0.2% trade fees both ways thats like $750,000 of daily commisions alone. Not including the other 3 currenies.
It makes no sense what so ever for them to commit insider trading.
Plus look at the volume today 142953 BTC, with 0.2% trade fees both ways thats like $750,000 of daily commisions alone. Not including the other 3 currenies.
It makes no sense what so ever for them to commit insider trading.
I don't think anyone has moral right to sue them for insider trading. If they did it, they just acted accordingly to their power, using markets. No one was forced to sell or buy there. Insider trading is one shit of a concept if you ask me.
Jump to: