Poloniex shows no remorse, so no forgiving

countryfree

legendary

Activity: 3066

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Your country may be your worst enemy

Quote from: sunsilk on June 15, 2020, 02:27:21 PM

Unlike Binance, they continue to resolve problems that their customers are dealing with in a quickly manner.

That's a good point.
We may also compare with the tether affair at Bitfinex. That one was huge, some $800 million, but no Bitfinex customer has lost a single satoshi.

Quote from: kan1 on June 16, 2020, 01:15:50 PM

Poloniex seems to be a joke.
At current prices 1800btc-180btc* = 1620BTC approximately 14mil EURO, and it used to be less than 7mil.

Imagine another exchange that after a year cannot pay back 7-14million Euros to get his customers and its fame back.

( * In order to gain time and sale themselves to a company that is not USA based they gave back 10% back)

I know that, it would not cost a fortune. It may even be a good investment, considering all the free positive publicity they would get.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: kan1 on June 16, 2020, 01:15:50 PM

Poloniex seems to be a joke.
At current prices 1800btc-180btc* = 1620BTC approximately 14mil EURO, and it used to be less than 7mil.

Imagine another exchange that after a year cannot pay back 7-14million Euros to get his customers and its fame back.

circle paid $400 million to acquire poloniex but likely sold it for pennies---that's the only scenario that explains it. circle probably priced the deficiency into the sale---they assumed sun's investment group would pay the debt---when in fact the buyers only used the debt as an angle to buy the exchange on the cheap.

absent some big windfall from future trading fees, i don't think they ever had any intention of paying lenders back in full.

kan1

newbie

Activity: 2

Merit: 0

Poloniex seems to be a joke.
At current prices 1800btc-180btc* = 1620BTC approximately 14mil EURO, and it used to be less than 7mil.

Imagine another exchange that after a year cannot pay back 7-14million Euros to get his customers and its fame back.

( * In order to gain time and sale themselves to a company that is not USA based they gave back 10% back)

sunsilk

hero member

Activity: 3038

Merit: 634

It's disappointing to see no action for this incident from a known large exchange. I have seen them to be at the peak of their popularity and they should have fixed problems that will actually hit their name badly.

I empathy op and also the others that's been affected by this poloniex fiasco. A year has passed by and their name didn't make sound anymore. Unlike Binance, they continue to resolve problems that their customers are dealing with in a quickly manner.

st4rk7

newbie

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Merit: 0

100% agreed. But lawyers still have to look into the issue. I believe T&C does not protect any company from a class action. We should attract more attention to the issue.

Bitcoin_Arena

copper member

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฿itcoin for all, All for ฿itcoin.

Quote from: countryfree on June 08, 2020, 04:48:12 PM

It's not easy.

Nobody paid attention to it, but when we registered at Poloniex we accepted their terms, which explained there couldn't be any kind of class action, or collective lawsuit against them.

Then that's bad news. It's such ugly imcidents that are making government regulators to become much more strict on exchanges and crypto currencies. I am pretty certain that some scared people are also running away from cryptocurrencies due to such heists.

countryfree

legendary

Activity: 3066

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Your country may be your worst enemy

Quote from: Bitcoin_Arena on June 07, 2020, 06:00:45 PM

But can't customers who lost money due to the scandal get together and go on a legal battle? I think it would be cheaper that way

It's not easy.

Nobody paid attention to it, but when we registered at Poloniex we accepted their terms, which explained there couldn't be any kind of class action, or collective lawsuit against them.

Besides, the victims are all over the world. We'll just let them die slowly. The only thing which make me happy is that Circle (former owner) has lost way more than me with Poloniex.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

Quote from: countryfree on June 07, 2020, 02:53:41 PM

Never say never...

They should consider the good publicity. Poloniex is paying back what it took from its customers. That would make headlines everywhere.

i hate to be a pessimist but i see 2 obstacles to that:

1. this wasn't a huge scandal like, for instance, the bitfinex hack where every single customer lost 36% of their funds. refusal to pay that down would have destroyed their brand. poloniex was quick to point out that this lending fiasco only affected 0.4% of users, and a few months ago they made a tiny flat repayment that made 1000s of small victims whole. now there are a fairly small number of people sitting on the bulk of the losses---too few to make a big public stink that forces poloniex to action.

2. their march blog post made it clear to me that their #1 goal is deflecting blame onto circle. paying back the losses is a distant #2 goal. they are hiding behind the "under new management" label pretty hard.

gentlemand

legendary

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Welt Am Draht

If it had been taken over by someone faintly legit then I'd expect some resolution at some point.

Since Justin Sun is behind the wheel, a sort of crypto herpes that infects anything he inserts his filthy little willy into, then it's safe to say it is case closed. In his favour of course. The only consolation is that Poloniex is continuing to fade. I certainly won't be using them ever again.

Bitcoin_Arena

copper member

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฿itcoin for all, All for ฿itcoin.

Quote from: electronicash on June 06, 2020, 04:59:38 PM

it sounded like there is nothing else to do against the exchange to get your coins back. legal battle will cost more.

But can't customers who lost money due to the scandal get together and go on a legal battle? I think it would be cheaper that way

Quote from: electronicash on June 06, 2020, 04:59:38 PM

but don't use them any more. polo and SUN knows that even if your funds are sent back to you, you won't be using them anymore. so no more doing that just withdraw your funds and move away. it looks like it had devastated your heart already for a long time. forget polo.

Well i have an account with them but I am lucky that i never used their service or even deposited one sat in there.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

Never say never...

They should consider the good publicity. Poloniex is paying back what it took from its customers. That would make headlines everywhere.

electronicash

legendary

Activity: 3248

Merit: 1055

it sounded like there is nothing else to do against the exchange to get your coins back. legal battle will cost more.

but don't use them any more. polo and SUN knows that even if your funds are sent back to you, you won't be using them anymore. so no more doing that just withdraw your funds and move away. it looks like it had devastated your heart already for a long time. forget polo.

countryfree

legendary

Activity: 3066

Merit: 1047

Your country may be your worst enemy

Exactly one year ago, something quite terrible happened. Poloniex stole some 1800 BTC from its customers. That's old news, but as I've lost more than one BTC int the affair, I'm not ready to forget.

Poloniex hasn't paid back, yet.
They've added a new splash screen recently, explaining lending is high risk.
This is 100% BS.
Several exchanges propose lending services, to allow their users to do margin trading.
It is safe, providing the exchange doesn't allow huge trades on smallish sh*tcoins, that very few people are trading. That is gross negligence.

Poloniex got burned, so did I, as all the other people who had part of their funds stolen.

As Poloniex hasn't paid back yet, I can only recommend newbies and all other bitcointalk users NOT TO USE Poloniex when they need an exchange.

Topic: Poloniex shows no remorse, so no forgiving (Read 535 times)