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Poloniex displays incorrect customer balances

January 18, 2018 16:50
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Poloniex was the largest Cryptocurrency exchange same time last year. But so much has changed since then. Poloniex has become an inefficient and slow platform where nothing seems to work. Poloniex has suffered multiple instances of downtimes where people lost a lot of money because orders didn’t go through. Last month, they stopped new sign-ups because they were not able to keep up with the demand.

The latest issue is that Poloniex has been displaying incorrect BTC balance for customers. When orders are cancelled, the original USDT value is not returned. Instead, the intended buy value is returned. So whenever an order is cancelled, the “Estimated value of holdings” keeps going smaller.

Poloniex has not been facing issues with just the Toal balances. It has been showing wrong numbers on margin positions also. Users were flooded with forced liquidation alerts even though their margin positions were in positive. But none of the positions were liquidated. Poloniex had turned off the automatic forced liquidation because of this.

Poloniex claimed in a couple of tweets that they are looking into the issue:

At this point, it is not clear how long the issue will lurk around for because Poloniex has had a terrible record lately. Support tickets take as much as three to four months for them to respond! Some have even tweeted that they’ve been waiting for more than six months.

Poloniex lost their market share because of terrible downtimes and customer service. Bittrex was the top platform in 2017. But by the end of 2017, Binance, a brand new platform came out of nowhere with a never before seen quality of service and customer service which now does 2x more trade than other platforms.

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