Poloniex unveils new compensation plan …

Poloniex unveils new compensation plan for users’ losses due to CLAM collapse

Cryptocurrency exchange Poloniex reported on measures taken to compensate users for losses during the incident on the CLAM market last year.

On May 26, 2019, the CLAM price fell by more than two-thirds. This resulted in a significant amount of uncovered margin positions. In total, users who credited other people’s positions then lost about 1,800 BTC or $ 9.5 million at the current exchange rate..

“Since the departure of Poloniex from Circle in November 2019, our new management has been evaluating the actions taken by the company. We are fully aware that this situation could have been resolved more professionally. The measures taken up to this day made it possible to fully recover the losses of 53 clients. We understand that this is not enough, “the exchange writes..

On March 17, the affected users, the debt to which had not yet been fully paid off, received payments up to 0.0047 BTC. “Those whose losses were less than this amount (and there are more than 1,000 people) have now received full compensation. We acknowledge that there is another group of clients whose losses were only partially compensated, “the publication says..

In addition, lending fees will be paid in April from 6 June 2019. In the future, the exchange will continue to return commissions until it covers the debt in full.

Poloniex unveils new compensation plan ...

“While we acknowledge that commission compensation may not be enough, we intend to continue doing so as many of you actively trade on our platform and, as a result, speed up the process,” the exchange adds. – In addition, we continue to demand payments from bankrupt borrowers. This is a complex and lengthy process “.

Not all users were satisfied with the exchange’s response. For example, some ask to disclose detailed information about the amount of compensation paid and outstanding debt..

“Are you kidding me? Have you been waiting for the price to drop to the limit to start paying people? ” – said one of the commentators.