Poloniex Users Threaten to Sue After Losing $13.5M in CLAM Flash Crash

Lai Tran June 7, 2019 0 Comments

By CCN: U.S.-based cryptocurrency exchange Poloniex has revealed that its lenders lost $13.5 million in a sudden CLAM price crash. To cover its losses, the exchange slashed the principal of active BTC loans by approximately 16%. Now outraged Poloniex users are calling the move a “theft” and considering launching a lawsuit against the exchange. An Eye-Popping 1,800 BTC Lost in Two Hours On May 26, CLAM’s price fell from $20.30 to $6.10 in a two-hour flash crash. The sudden price crash caused a number of margin loans to default on Poloniex. As a result, Poloniex margin lenders lost 1,800 BTC

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Source: Bitcoin CNN