Poloniex's taking money from its customers to cover its loss - page 3.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: almightyruler on September 06, 2019, 07:54:10 PM

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

legendary

Activity: 2268

Merit: 1092

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?

countryfree

legendary

Activity: 3038

Merit: 1047

Your country may be your worst enemy

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

Quote

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...

countryfree

legendary

Activity: 3038

Merit: 1047

Your country may be your worst enemy

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

countryfree

legendary

Activity: 3038

Merit: 1047

Your country may be your worst enemy

Quote from: gunshot on August 26, 2019, 01:14:07 PM

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.

EdenHazard

legendary

Activity: 2674

Merit: 1048

Quote from: countryfree on August 25, 2019, 12:02:46 PM

Quote from: PrimeNumber7 on August 21, 2019, 10:23:00 AM

Quote from: 2double0 on August 21, 2019, 10:17:51 AM

Quote from: countryfree on August 20, 2019, 04:30:19 PM

Quote from: eaLiTy on August 20, 2019, 04:21:02 AM

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.

gunshot

newbie

Activity: 24

Merit: 0

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.

PrimeNumber7

copper member

Activity: 1624

Merit: 1899

Amazon Prime Member #7

Quote from: countryfree on August 25, 2019, 12:02:46 PM

Quote from: PrimeNumber7 on August 21, 2019, 10:23:00 AM

Quote from: 2double0 on August 21, 2019, 10:17:51 AM

Quote from: countryfree on August 20, 2019, 04:30:19 PM

Quote from: eaLiTy on August 20, 2019, 04:21:02 AM

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.

tsaroz

legendary

Activity: 2926

Merit: 1069

★Bitvest.io★ Play Plinko or Invest!

Quote from: countryfree on August 25, 2019, 12:02:46 PM

Quote from: PrimeNumber7 on August 21, 2019, 10:23:00 AM

Quote from: 2double0 on August 21, 2019, 10:17:51 AM

Quote from: countryfree on August 20, 2019, 04:30:19 PM

Quote from: eaLiTy on August 20, 2019, 04:21:02 AM

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.

countryfree

legendary

Activity: 3038

Merit: 1047

Your country may be your worst enemy

Quote from: PrimeNumber7 on August 21, 2019, 10:23:00 AM

Quote from: 2double0 on August 21, 2019, 10:17:51 AM

Quote from: countryfree on August 20, 2019, 04:30:19 PM

Quote from: eaLiTy on August 20, 2019, 04:21:02 AM

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...

PrimeNumber7

copper member

Activity: 1624

Merit: 1899

Amazon Prime Member #7

Quote from: 2double0 on August 21, 2019, 10:17:51 AM

Quote from: countryfree on August 20, 2019, 04:30:19 PM

Quote from: eaLiTy on August 20, 2019, 04:21:02 AM

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.

2double0

legendary

Activity: 2618

Merit: 1105

Quote from: countryfree on August 20, 2019, 04:30:19 PM

Quote from: eaLiTy on August 20, 2019, 04:21:02 AM

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.

countryfree

legendary

Activity: 3038

Merit: 1047

Your country may be your worst enemy

Quote from: eaLiTy on August 20, 2019, 04:21:02 AM

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.

2double0

legendary

Activity: 2618

Merit: 1105

Quote from: countryfree on August 19, 2019, 04:37:51 PM

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.

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: countryfree on August 19, 2019, 04:37:51 PM

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.

countryfree

legendary

Activity: 3038

Merit: 1047

Your country may be your worst enemy

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

countryfree

legendary

Activity: 3038

Merit: 1047

Your country may be your worst enemy

Sad news: the media are against us!

I created a new topic about this subject:

https://bitcointalksearch.org/topic/coindesk-cointelegraph-give-fake-news-5175519

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

countryfree

legendary

Activity: 3038

Merit: 1047

Your country may be your worst enemy

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.

Smokey23

jr. member

Activity: 191

Merit: 7

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?

countryfree

legendary

Activity: 3038

Merit: 1047

Your country may be your worst enemy

Quote from: Smokey23 on August 12, 2019, 12:29:04 AM

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.

Topic: Poloniex's taking money from its customers to cover its loss - page 3. (Read 2381 times)