HOME> News> Poloniex Covers Losses on the Margin Trading Market with Lender Assets Users Speak Out
The cryptographic asset exchange, Poloniex , operated by the Circle, has begun to cover the borrower’s debt incurred as a result of the plunging CLAM token with the lender’s assets .
The CLAM tokens, which account for 99% of the trading volume by Poloniex, dropped sharply on the 26th of last month, and there were a number of borrowers who defaulted in the CLON / BTC margin market of Poloniex. The overall market loss is said to be about 1800 BTC .
Not only was the liquidity of the market low, the fact that the loan collateral itself was a CLAM token seems to be the reason for the frequent occurrence of default.
In contrast, Poloniex announced that it would help borrowers to fulfill their debts by ” reducing the current BTC loan principal by 16.202% .” This is effectively equivalent to covering the borrower’s loan that has fallen into default with the lender’s assets.
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. Details : https://t.co/s7Ql6j2sw3
— Poloniex Exchange (@Poloniex) June 6, 2019
In response to this, users such as Twitter and Reddit “Poloniex is cheating in a difficult language that 16.202% of customer assets in the CLAM / BTC market have been lost” The case has not been accused, and there is a rush of accusations.
Poloniex has announced that it will close the low liquidity market including CLAM / BTC.
Article Source: Poloniex
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Author: Yuya 【Coin Desk News】 – Source Post: http://gestyy.com/w1AQNR
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