Exchanges

07/06/19 07:31 UTC-4

Poloniex Exchange loses 1800 BTC in the marginal lending pool and returns funds to users

Poloniex loses 1800 BTC
Poloniex loses 1800 BTC

Poloniex issued a statement about the loss of 1,800 Bitcoins due to a serious fall in prices in the market, which led to the default of a number of margin loans.

 

Poloniex losses

"Today, we recognized the generalized loss across lenders in the BTC margin lending pool. As a result, the principal of all active BTC loans as of 14:00 UTC today has been reduced by 16.202%. This impacted 0.4% of Polo users" – Poloniex Twitter.

Interesting in the section: Poloniex – description of the exchange platform

The report explains that the market was defaulted on a number of marginal loans after a price collapse, the total loss in the Poloniex BTC marginal lending pool was 1800 BTC.

Poloniex has taken steps to reduce the principle of all active BTC loans by 16.202% after the loss.

According to Poloniex, this affects only 0.4% of Poloniex users. Lenders suffer a decrease in their accounts at the entrance to the system. Borrowers with a default will have their accounts frozen until they repay their loans and fulfill the Poloniex terms of service.

Following this event, Poloniex took steps to exclude additional 4 assets from margin tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
, including CLAM, BTS, FCT and MAID.

Poloniex Crypto Exchange has published a statement about the loss of 1800 BTC due to a serious fall in prices on the market. The exchange also stated that it would consider additional measures to avoid similar situations in the future.

Editor: Yuliya Soroka

See also: "OKCoin Crypto Exchange starts spot trading in Euros (EUR)"

#Exchange #Poloniex #BTC #cryptocurrency

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