Poloniex Exchange Resumes Trading After Rolling Back “12 Minutes” Of Trades

Recently Justin Sun’s purchased exchange, Poloniex, announced a maintenance delay on its trading platform as the exchange faced a bug in the system on Monday, 10th February 2020.

The suspicious bug is however reported to have originated from the development team which caused a number of problems on the platform and forcing the Poloniex maintenance team to shut down the system for about 12 minutes.

In a thread of tweets, the cryptocurrency exchange support team wrote,

While the issue may have aggravated Poloniex critics and some of the exchanges traders who were affected (the report did not give details on volumes that were affected or number of users affected), the exchange seemed to have effectively solved the problem without a fuss.

The exchange has since resumed all services, fully opening both deposits and withdrawals of funds from the platform.

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Author: Lujan Odera

Poloniex Exchange Users Urged to Reset Passwords After Email Data Leak on Twitter

The Poloniex crypto exchange is once again in the spotlight after the firm confirmed that the password and email data of their clients had indeed been leaked on Twitter. The exchange has since sent out an email to all its users warning of potential account hacking threats following this incident.

Given the sensitivity of the leaked data, Poloniex has opted to force all current traders to reset their passwords.  According to an email sent out on Dec 30, the U.S based digital currency exchange saw this as the best course of action to protect its users;

“While almost all of the [leaked] email addresses listed do not belong to Poloniex accounts, we are forcing a password reset on any email addresses that do have an account with us, including yours.”

As it stands, the damage caused by this leak has yet to be quantified in terms of any compromised accounts. It seems Poloniex might just be cautious and trying to avoid any real hacks. In addition, Poloniex is still uncertain as to how the passwords and email addresses were posted on Twitter.

The Poloniex customer support team has consequently found itself in a difficult situation as some users of the exchange did not take the warning email seriously. In fact, one user took to Twitter claiming that the email was a scam claiming there wasn’t a need for any actions. This comment was quickly addressed by the Poloniex team who emphasized that the email sent out is real and urged the client to reset their password.

Poloniex and Tron 2019 Highlight

This recent threat to the Poloniex exchange is a big deal and could affect the platform’s volume. The firm has made considerable milestones over the course of 2019. Circle let go of the platform and informed US customers to remove funds by Dec 15th. Tron’s founder, Justin Sun became an “investor” and then the exchange has taken a heavy affiliation with TRX products.

Poloniex moved to acquire the TRXMarket as part of an expansion strategy of its line of products. The exchange went on to further add a super representative from the TRON team. Analysts within the industry speculate that their spin-off from Circle and integration with TRX is a step in the right direction for capital growth.

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Author: Lujan Odera

Digibyte (DGB) Still Tradeable on Poloniex Exchange Days After Threatening To Delist It

  • Days after Poloniex announced it was going to delist Digibyte (DGB) following its founder’s criticism of of TRON’s Justin Sun as well as Binance, the crypto is still tradable in the crypto exchange platform.

According to Beincrypto, Poloniex had announced its intention to buy Tron but later removed the announcement from its Twitter account. The crypto exchange firm had stated that it was going to delist Digibyte from its platform but its now eight days later since their announcement and nothing has changed.

Rudy Bouwman, Digibyte Foundation vice chair, asked Poloniex to clarify the issue in a tweet account. Rudy also indicated that Digibyte was ranked 15th on the exchange on the basis of trading volume.

Poloniex did not give a substantive reason as to why it was planning to delist Digibyte only saying that the crypto does not meet its listing standards. In addition, the crypto exchange platform did not reveal it listing standards and why Digibyte did not meet them. The exchange has also failed to give any update on the matter after the delisting announcement. This has led to speculations that it is a punishment for the crypto’s founder criticizing Sun.

The delisting announcement has led to massive transfer of DGB assets from Poloniex. Recently, more than 100m DGB coins have been drawn from Poloniex. Despite the mass exodus, about 500m DGB coins still remain in Poloniex’s wallets. Majority of people within Digibyte community are urging more users to transfer their funds from Poloniex and make the exchange suffer more than the users.

Some DGB users and holders have expressed concerns that coins stored in Poloniex may be subjected to freezes or manipulation leading to future problems. To avoid this, the users are urging for quick withdrawals and transfer to other exchanges.

To date, Poloniex has remained silent on the issue after it issued the threats last week. It is anticipated that DGB could be delisted before the end of the year. However, their silence could be taken as a sign that they are rethinking their earlier announcement.

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Author: Joseph Kibe

Acquisition of Circle Leads Poloniex Wallet Users to Yank Out Funds

  • Poloniex has delisted many coins through the last few years of decreasing liquidity, leaving the platform with just 98 trading pairs.
  • One of the most controversial coins to be delisted was DigiByte, which may have led to the gutting of the exchange.

Circle, Inc. recently made a game-changing decision for their customers, abandoning the US market entirely as they moved away from Poloniex. However, the decision has led many consumers to a drastic decrease in deposits for wallets on the Poloniex exchange. According to a recent article by Bitcoinist, the Bitcoin and Ethereum wallet users moved their coins to other markets instead, citing the decision to leave behind the US market as the main reason.

By the time Circle original acquired Poloniex, the supply of coins was already starting to dwindle. The exchange was dealing with technical and regulatory issues, and their traders were slowly decreasing. Tweets by CoinMetrics revealed that the supply that Poloniex held of BTC and ETH dropped dramatically during the Circle acquisition. As it stands, the exchange has not seen levels this low since 2016.

While the cryptocurrency market wasn’t regulated, Poloniex stood strong as one of the first exchanges to actually survive the years. However, the exchange also recorded many outages and disruptions in trading during that time, leaving it with a reputation for being unreliable. As recently as this year, Poloniex was forced to liquidate BTC collateral, leaving them with losses over the volatile CLAMS coin.

The socialized loss of about 1,800 BTC greatly angered traders, and the funds have still yet to be paid, which Bitcoinist suggests is one of the reasons that some traders have walked away from the exchange. While many analysts and experts would advise consumers not the store their funds on the exchange, the socialization of losses was definitely unexpected.

With the low liquidity, Poloniex also had to delist some of the coins that it previously had touted, which has mostly been unproblematic. However, when the exchange pulled DigiByte from their listing, the community became enraged, potentially becoming one of the reasons for the substantial outflow from Poloniex.

Considering the recent path that this platform has taken, Bitcoinist suggests that the focus of Poloniex is on the Tron ecosystem. As one of the larger carriers for the TRON-based Tether token (USDT), their listings have recently been opened up to other TRC-20 tokens. In fact, the TRX crypto asset is even an integral part of the earnings program for Poloniex, according to recent tweets from the latter.

Following this trend, the PoloniexDEX, which only recently launched, has already rebranded as the TRXMarket, now being used as a way for traders to access related coins and tokens.

Presently, daily trading accounts for $44 million on the Poloniex exchange, though these numbers are relatively low for an international exchange. Even with the many delisted tokens, the exchange still has 98 trading pairs, giving them a little standing against the competition of the market.

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Author: Krystle M

Poloniex US Customers Need to Withdraw Assets from Circle ASAP to Avoid Fees

  • Poloniex US customers were told in October that they would need to withdraw their funds from Circle.
  • Customers that do not withdraw their assets are at risk of being charged custodial fees or losing their funds entirely.

On October 18th, 2019, Circle posted a blog to announce that Poloniex would be separating from the platform, creating an independent company called Polo Digital Assets, Ltd. In the meantime, Circle expressed that they would still be building up their “open, global, and accessible financial system.” The blog noted that there would be major changes, including that US customers would no longer be able to trade on the exchange by November 1st, and that customers could still access their funds and wallets through December 15th.

The first deadline has already passed, which means that consumers only have about 12 days left to withdraw their funds from Circle. To ensure that consumers don’t miss this deadline, Circle just posted another blog on the matter today, stating that there’s a chance that Circle will start charging fees to the Poloniex US customers still on their platform.

To warn customers, the blog explained that there are two fees that these customers leave themselves open to if they don’t withdraw their assets before the deadline:

  • A monthly service fee, charged for holding the assets on the platform.
  • A one-time fee, for leaving the account dormant.
  • The current regulations state that Circle is allowed to send unclaimed assets to state governments if they so choose.

The assets on Circle’s platform must be pulled by the customers by December 16th, or they will face a few actions that will make their circumstances much harder. First, they will no longer have access to the Poloniex US accounts. Then, the assets left in their account will become USDC and stored as such. Plus, customers are left at risk of being met with one of the above-mentioned fees.

The blog concludes by urging customers to “withdraw their assets as soon as possible,” offering a link that takes Poloniex US customers exactly where they need to go.

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Author: Krystle M

Tron’s Justin Sun At the Center of Poloniex Exit from Circle; Just ‘Helping Out Some Friends’

Poloniex Cryptocurrency exchange is currently in the process of leaving its parent company, Circle. The firm recently announced that it would form Polo Digital Assets as a rebrand.

At the center of this major transaction is Tron Founder, Justin Sun. Anonymous sources from Circle confirmed to The Block that Justin is a major stakeholder in the ‘Asian Investment Group’. The firm is believed to be a major supporter of Poloniex in the exit process. The strategic exit comes less than two years since Circle acquired Poloniex.

Sources further revealed that Justin Sun had been to Circle’s HQ in Boston a few times. The Asian Investment Consortium under Justin is expected to play a major role in transitioning to Polo Digital Assets. As it stands, Poloniex internal employees have been offered the option to join the Crypto exchange as opposed to staying under Circle.

However, Justin recently tweeted that he is not buying anything, rather investing and to help his friends. He went on to further add that he bets on all exchanges that support TRX.

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Author: Lujan Odera

Poloniex Removes Six Altcoins; STEEM, GAME, LBRY, NAV, PASC and CLAM

The cryptocurrency exchange Poloniex has delisted six altcoins from its platform. The tokens that were delisted are GameCredits (GAME), LBRY Credits (LBC), Steem (STEEM), Clams (CLAM), Pascal (PASC) and Navcoin (NAV).

Poloniex announced that it would delist these assets via an email that was sent to all the users who hold at least one of these assets. According to the official announcement, the six tokens are set to be disabled by October 15. After that, no trading will be allowed and all remaining orders will be canceled.

Withdrawals can be done until October 28 for LBC and until November 15 for the other five assets. It is important that all users withdraw their assets before the deadlines, the company urged. To do it, someone needs to have a balance greater than the minimum required fees for moving the assets. All assets that were left with the company will be lost.

In order to withdraw the cryptos, the client has to log in, visit the Balances page, choose the right asset and then provide a crypto address to move the currency there. The address obviously needs to be of an outside wallet.

Delisting assets is far from uncommon and it happens frequently, as many altcoins have lost a lot of their value and never regained it again. The greater dominance of Bitcoin recently is proof that many assets have still not recovered.

Binance, for instance, removed 30 trading pairs from its list. Some of the pairs were launched via the Binance Launchpad, curiously, meaning that they did not fare so well after the launch.

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Author: Gabriel Machado

Poloniex Goes Into Maintenance Mode Without Notice; Users Getting Aggravated With Repeated Outages

  • Earlier this month, Poloniex had maintenance issue as well
  • Every month of 2019, except for April the exchange went into maintenance mode, at times twice a month
  • Several maintenance issues involved belong to different crypto asset’s wallets

Cryptocurrency exchange Poloniex went into maintenance mode, unannounced on August 18th.

“The site has been placed into maintenance mode temporarily. We expect to re-open markets in post-only mode shortly. We will keep this thread updated,” wrote the exchange on Twitter.

In under an hour, the exchange was back online and the market was open for trading ensuring “funds are safe.”

However, it didn’t go really well with the users as one wrote on Twitter, “not cool with no warning and i have no control over my btc right now not cool at all very unprofessional.”

“More money being stolen from lenders? You need to run database adjustment I guess hence the downtime! To update everyones’ balances and make another haircut,” said another one.

Others had this to say,

Another user just had it enough with repeated maintenance time outs,

This sounds about right.

If we take a look at Poloniex’s 2019 maintenance issues, just this month on August 2nd, the site went into maintenance mode temporarily.

Last time the exchange went into maintenance mode was earlier in July, then June 6, and then on May 21st before that. At that time, the exchange also apologized for a false start.

Before this, the platform had maintenances on March 25, March 1, February 23, then on January 18 because of a network issue with one of its third-party providers. Technical difficulties were also the issue on January 8.

These outages didn’t involve numerous suspensions of deposits and withdrawals during maintenance for particular digital currency’s wallets.

Last month, the exchange also made a data entry mistake in accounting for the distribution of USD as part of USDT-Tron airdrop as well.

Founded in 2014, the exchange also removed 23 trading pairs on August 16 due to low volume, however, “each asset will continue to be independently tradable.”

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Author: AnTy

Poloniex Will Delist Over 20 Individual Trading Pairs Due to Low Volume and Demand

The crypto exchange Poloniex, which is owned by Circle and based in San Francisco, is about to remove the total of 23 trading pairs from its list of assets. The reason for the change is that the crypto exchange has deemed that these trading pairs have a very low volume, so it is not worth to keep them around.

Curiously, none of the trading pairs is paired against Bitcoin. They are all traded against Monero (XMR), Ethereum (ETH), Tether (USDT) and only one with USD Coin (USDC). You can check the complete list of assets here.

Not The First Time Assets Are Delisted

This is not the first time that the Circle-owned exchange decides to delist assets. The last time this happened, on May 29, several assets have been completely removed from the platform, not only trading pairs. The assets were Bytecoin (BCN), GameCredits (GAME), Lisk (LSK), Augur (REP), Ardor (ARDR), Decred (DCR), Gas (GAS), Omni Layer (OMNI) and Nxt (NXT).

You may have heard of these assets. The main reason for delisting was not really low volume but regulatory uncertainty. The company is U. S.-based and most of the assets were created via Initial Coin Offerings (ICOs), which are not fully legal in the country. This meant that even somewhat famous tokens such as Augur ended up being kicked from the platform.

In related news, Coinbase Pro has also started to limit some assets this month. XTZ/BTC and XTZ/USD are set to enter transfer-only mode soon, even in the supported regions of these assets. At the moment, however, no orders can be placed on the order books of the platform.

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Author: Gabriel Machado