Cryptocurrency News

Poloniex Unveiled Plans To Cover 1800 BTC For Its Users


The American cryptocurrency exchange Poloniex has introduced a plan to pay compensation to lenders of margin positions that have suffered losses due to the lack of funds from borrowers to cover liquidations.

The Poloniex administration intends to credit to the accounts of creditors the fees paid by them in the process of trading in Bitcoin equivalent until the loss is fully compensated. The first enrollment will cover all fees paid by lenders from June 6.

Considering that over the last day the trading volume on Poloniex amounted to 785 BTC, the maximum volume of commissions collected per day at the highest rate for the least active traders could be 1.96 BTC.

Recall that at the end of May, users of margin trading-funded Poloniex lost 1800 BTC (about $ 14 million at that time) due to a sharp drop in the CLAM rate and the extremely low liquidity of this coin. The number of victims amounted to 0.4% of the total number of users of the exchange.



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