Poloniex Returns Lost BTC to its Users
Representatives of the Poloniex exchange said they would cover the losses of their users after the fall of Clam in May of this year. Commissions will be canceled on the exchange until the full repayment of the debt. Recall that on May 26, 2019, the Poloniex Clam margin trading market suffered a sudden collapse. The fall was rapid and very sharp, the Clan token fell in price by 77% in just 45 minutes, which destroyed about 1800 BTC for a total of $13.5 million at the rate at that time. Under these conditions, the Poloniex exchange transferred the lost coins to the margin trading lending fund. As a result, about 0.4% of exchange traders who were in the pool to cover past-due loans lost 16.2% of their deposits. Representatives of the platform said that this was due to a large number of open sell orders against the background of insufficient Clam liquidity. An investigation is currently underway and the company is in no hurry to disclose all the details of the incident.