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](mailto:support@poloniex.freshdesk.com).
Sincerely,
The Poloniex Team
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