I don't know what's going on exactly but it seems that Poloniex just took 16% of everyone's lending funds, because of a flash crash of some random shitcoin (CLAM) I haven't even heard of before.
Here is the message I got:
Dear Poloniex Customer,
On May 26, a sudden and severe price crash in the Poloniex CLAM market caused a number of margin loans to default, resulting in a roughly 1800 BTC generalized loss across the Poloniex BTC margin lending pool. We are writing because you have been impacted by this loss.
All BTC loans on Poloniex are lent in a common pool that is shared across all markets and borrowers. 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%. As a lender in the pool, you will see the reduction in your account when you next log in.
We’re actively pursuing the defaulted borrowers for repayment of the BTC they owe to the lending pool. As we recover funds, we will return them to affected lenders. We’re also exploring other ways to help defray your losses. As this work proceeds, we will provide regular updates.
To learn more about this event, please refer to this blog post.
If you have specific questions about your account please contact our customer support team at support@poloniex.freshdesk.com.
Sincerely,
The Poloniex Team
I knew there were risks in lending but this is ridiculous, how can a flash crash of a shitcoin whose current marketcap is 2,573 BTC (it was around 7,500 BTC at the time of the crash) cause 1,800 BTC of losses... And how come I only hear of this now almost two weeks after it happened.
WTF am I supposed to do other than just hope that Poloniex somehow retturns my money.
I apologize if this isn't the right subreddit but I think others should know about this.
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