Poloniex, the former U.S.-based crypto exchange, has run into trouble with some of its wallets. While the funds are safe, according to the exchange’s representatives, it seems like the cryptocommunity has a long-standing problem with the company as such. Altcoin Buzz is taking a closer look.
On its Twitter page, Poloniex revealed that it is aware of certain problems that users have been recently running into. They concerned Pascal Coin and LBRY Credits. Following this acknowledgment, Poloniex decided to disable the wallets for this coin. At the same time, it made sure to state that the funds are safe.
PASC and LBC trading will be uninterrupted by the wallet downtime. Funds are safe. Thanks for your patience!
— Poloniex Exchange (@Poloniex) September 3, 2019
In spite of this reassurance, some users were quick to make a serious allegation. James Doble wrote, “Hmmm sounds like the last time you stole over 16% of my BTC….”
Hmmmm sounds like the last time you stole over 16% of my BTC….
— James Doble (@ManInManila1) September 4, 2019
Anything to worry about?
It should be noted that the made allegation (at least at the time of writing) found little support from the cryptocommunity. And yet this is not the first time Poloniex has received negative feedback from the cryptocommunity. In 2018, for example, one of the Redditers announced that s/he is willing to take class action against Poloniex. Back then, s/he accused Poloniex of implementing unannounced changes regarding the terms of service. These changes resulted in users giving up secure personal information. They also led to the abandoning of funds that the exchange promised for the users to withdraw.
Peculiarly, in the same thread, another redditer Sirnenris made a similar allegation to that of James Doble. S/he pointed out that “Poloniex seems to try to steal my coins too, I’m IN from Finland! 🙂”
In another thread, people talked about Poloniex socializing losses. Particularly, the users pointed out that Poloniex “keeps hiding behind the fact that lending was only available for non-US citizen therefore it is very difficult for any of us to lawyer up. Right now they are offering free trading fees to lenders. Lending and trading are 2 very different things that are bearing totally different kinds of risks.” What’s peculiar, is that users once again brought up the topic of filing a class action, not least because of the fact that the exchange moved to Bermuda. In fact, it seems like they have never even considered giving it up. The latest post on reddit concerning the class action is 27 days old.
This begs the question: what’s truly happening at Poloniex? And will the crypto community really sue it?
Altcoin Buzz will watch the situation closely and produce the latest reports.
In the meantime, make sure to find out how to get free Stellar from Poloniex. And the features that it introduced in July.