HomeCryptoPoloniex suffers a loss of 1,800 bitcoins

Poloniex suffers a loss of 1,800 bitcoins

Poloniex has suffered a loss of 1,800 bitcoins. It all started on May 26th when the price of the CLAM token plummeted from over 18 dollars to 5 dollars. This collapse caused the Poloniex platform, which allowed margin lending operations through BTC, to lose 1800 BTC in a short time.

As explained in Poloniex’s full report, the loss was caused by several factors. First of all, the speed of the crash and the lack of liquidity of the CLAM market; moreover, a significant amount of the loans was collateralised in CLAM, thus leading to a decrease in value.

The Poloniex team explained that they will return the funds to all users who have been affected by this situation, i.e. 0.4% of users. In addition, to prevent this problem from recurring, the platform has made the following changes:

  • Four assets will be removed from the margin trading, BTS, CLAM, FCT and MAID, and the relevant market will be checked for sufficient liquidity to withstand all transactions;
  • Additional levels of risk monitoring will be implemented and if any anomalies or problems are noted, direct action will be taken to disable the asset in question;
  • Additional market protection will be put in place to prevent price slippage and highly concentrated positions, also thanks to the market surveillance tool, NICE Actimize.
Alfredo de Candia
Alfredo de Candia
Android developer da oltre 8 anni sul playstore di Google con una decina di app, Alfredo a 21 anni ha scalato il Monte Fuji seguendo il detto "Chi scala il monte Fuji una volta nella vita è un uomo saggio, chi lo scala due volte è un pazzo". Tra le sue app troviamo un dizionario di giapponese, un database di spam e virus, il più completo database sui compleanni di serie Anime e Manga e un database sulle shitcoin. Miner della domenica, Alfredo ha una forte passione per le crypto ed è un fan di EOS.
RELATED ARTICLES

MOST POPULARS

GoldBrick