Poloniex unveils repayment plan for lending pools losses

Posted 13 August, 2019

The US-based cryptocurrency trading platform Poloniex has published a compensation plan for refunding marginal creditors that were affected by margin lending pools problems. The plan was released on Monday. 

As the report reads, the cryptocurrency exchange intends to pay 1,800 BTC to customers ($20.4 million at the current average exchange rate). Compensation will be received by users who incurred losses due to the lack of funds from borrowers to cover liquidations.

We’re taking another step to make lenders whole after the $BTC margin lending pool losses. Impacted lenders will be credited 100% of their trading fees retroactive to 6/6 & going forward until losses are fully repaid. - the company tweeted.

The company will start crediting commissions to the accounts of creditors that were paid by them during the trading process until the losses were fully recovered. The first enrollment will cover all commissions that have been paid since June 6. 

On August 12, the trading volume at Poloniex was 785 BTC. This means that even with the highest bid for the least active traders, the maximum amount of commissions collected could be only 1.96 BTC.

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