A scandal erupts on the Poloniex forum. Users complain that the exchange does not double-check account balance data when canceling orders.
“When I cancel any open order, the original cost of Tether (USDT) is not returned. Usually the estimated purchase value is returned to my total account and everything is fine, but today I noticed that whenever I cancel an order, the estimated value of the assets (DEPOSITS AND CANCELLATIONS table) gets smaller and smaller until it returns to the original total.” - one of the users wrote.
After that, the following complaint from another forum visitor: “A few minutes ago, my margin account began to change. My positions are still profitable and are shown as such individually, but the "Forced Liquidation" warning has appeared and the margin is shown at ~16%. Luckily, none of my positions were closed, but now I can't manage them because my margins are so low. I have already encountered similar problems with the margin system, and usually the exchange corrected the data, but this was extremely inconvenient. I hope this is just a system failure that will be fixed.”
Via its official Twitter account, the exchange provided an explanation for this claim, stating that it is working to restore the system for correct reflection of balances and will suspend all forced liquidations.
Poloniex is not the first in a number of crypto exchanges that are facing difficulties due to the rush demand and interest in cryptocurrencies.
Let's hope that these difficulties are temporary and the exchange will come out of this situation with minimal reputational losses.
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