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%. This impacted 0.4% of Polo users. Details: https://t.co/s7Ql6j2sw3
— Poloniex Exchange (@Poloniex) June 6, 2019
This led to a loss of 1,800 Bitcoin (BTC) for non-US customers. Today the exchange continued, saying that they “acknowledge the loss among the creditors” and try to offer compensation.
Naturally, consumers are angry at what happened and how Poloniex handles the situation. It is mostly scandalous how they reported what happened to that 0.4 % of consumers who were affected.
They explained that the principal of all active loans is reduced by 16.202%, but what Poloniex actually said is that 16.202 %of Bitcoin lenders are lost.
In a blog post, Poloniex wrote the following:
We pursue defaulting borrowers to get them to return the BTC, which they owe to the creditors. When we reinstate the funds, we will return them to the affected creditors. We are also exploring other ways to help margin lender losses. We will continue to communicate with the affected creditors on the state of these efforts.