Margin Lenders on Poloniex Lost $13.5 Million Due to Flash Crash
Cointelegraph
Published Jun 06, 2019 06:20PM ET
Margin Lenders on Poloniex Lost $13.5 Million Due to Flash Crash
Margin lenders on American cryptocurrency exchange Poloniex have lost around $13.5 million due to a flash crash. Poloniex announced about the incident in a blog post published on June 6.
Poloniex revealed that on May 26 a severe price crash in the clams (CLAM) market led to margin loans losses amounting to roughly 1,800 bitcoin (BTC), or approximately $13.5 million at the time. The incident affected 0.4% of all users and resulted in the reduction of all active BTC loans by 16.202%.
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Written By: Cointelegraph
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