The Poloniex blog
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The Poloniex blog

Lending Pool Loss Update #2: Trading Fees are Now Being Credited to Impacted Lenders, More Actions to Follow to Fully Repay Customers

This post discusses the peer-to-peer margin lending and borrowing system that we provide to Poloniex customers outside of the United States.

Today, we are announcing another step in our roadmap to make whole the lenders who were impacted by the June 6, 2019 generalized losses in the BTC margin lending pool. We took the first step on June 14, when we distributed 180.73606744 BTC proportionally across impacted lenders (representing about 10% of the generalized losses).

Starting later in August, if you are an impacted lender, you will be credited your Poloniex trading fees until your losses are fully recovered. Every time you pay a trading fee, we will convert the fee to BTC and then credit you those fees each day. Your first credit will include all the trading fees you have paid since June 6, 2019. (You will see a repayment tracker in your account soon.)

Our work to make customers whole isn’t limited to our first payment or this new step of crediting trading fees. We are actively pursuing other strategies, and will update you when we can.

We understand how upset customers are with this loss and we appreciate your patience. In addition to being committed to making you whole, we remain dedicated to earning back your trust.

As always, you can find many answers to your questions or contact our Support Team here. To stay on top of all Poloniex news, follow us on Twitter (@poloniex) and join our Telegram announcement channel.

Our previous blogs on this are available at the links below:

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All things trading from the legendary crypto exchange since 2014: https://poloniex.com

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Since 2014, the legendary crypto exchange for traders to buy, sell and hodl 400+ assets, including BTC, ETH and the best altcoins on the market.