Popular cryptocurrency exchange Poloniex has decided to socialize the loss of about $13.5 million worth of Bitcoin between its shared lending pool. The impacted users represent 0.4% of the total exchange users. The event goes on to highlight the benefits of Binance’s “SAFU” fund and has caused serious turmoil throughout the cryptocurrency community.
Poloniex Cuts Losses of $13.5M Worth of BTC Between Its Lenders
In an official blog post published on June 6th, popular cryptocurrency exchange Poloniex explained that it experienced a severe crash in its margin-tradable Clams which resulted in a loss of 1800 BTC in the exchange’s BTC margin lending pool.