Poloniex accounts display incorrect amounts, users have problems with account management

Canceled orders on Poloniex do not return money back to the accounts, users report losing control of their accounts due to alerts “spazzing out”
18 January 2018   921

Since yesterday there were reports on Poloniex's unofficial subreddit about platform not returning the funds for canceled orders. All started with one user expressing his displeasure with the fact, and quickly grew to a whole new level with several more complaints added in the span of the day. Poloniex even responded on their official Twitter account that investigation is ongoing into the malfunction.

But there is more. There surfaced a report by a users, whose accounts balance just glitched out and is displaying inaccurate or outright negative amounts. For example, one user reported strange happenings with his margin account. By themselves the positions show correct values, but account as a whole is under 16% margin and is full of alerts. Thankfully, no assets are liquidated even under “Forced Liquidation” alert, but the ability to manipulate anything is lost. Poloniex replied to that issue as well, saying that everything will be corrected in short order.

All of that contributes to a series of problems with Poloniex, which have been amounting already for over a year. Customer service is swamped with tickets and the response times are getting longer. There were complaints about one ticket remaining unanswered for 158 days. And withdrawal times are even stranger. Some users have to wait for a month or more to get access to their own money, despite asking the support service for assistance.

Circle to Launch USD Stablecoin

Owner of Poloniex exchange told that the USDC was developed with the help of the CENTRE consortium
27 September 2018   206

Circle, which owns the Poloniex exchange, announced the launch of a tokenized USD Coin (USDC). Soon USDC will appear on a number of crypto exchanges, including decentralized sites, and will also be supported by many other projects.

Circle said that the USDC was developed with the help of the CENTRE consortium and is intended to become a way of easy transfer of tokenized dollars in public blockchains.

Individuals and organizations can use this service for deposits in US dollars from bank accounts and convert them into USDC. Also, these tokens can be withdrawn back to bank accounts.

Initially USDC will be available at Poloniex, after which they will also be added to DigiFinex, CoinEx, KuCoin, OKCoin, Coinplug, XDAEX and other trading platforms.

Also, the company pays attention to the importance of trading protocols, as the exchange of currencies, goods or assets in a non-credible way is what many projects will soon want to get by default.

In this connection, Circle highlights several examples of using USD // Coin at the protocol level. For example, the Kyber Network, decentralized trading platforms DEX, Paradex, Radar Relay and Tokenlon, as well as the Dharma platform, where the support for USDC will soon appear.

Stablecoins, especially ones that provide fiat rails, are a critical piece of infrastructure in the decentralized ecosystem. We're excited by Circle and CENTRE’s efforts to create a transparent, fiat-backed project that provides a bridge between traditional finance and the open financial system of the future.

Ron Bernstein
General Manager, Paradex

Future partners of USD Coin are :

  • Origin Protocol
  • BlockFi
  • MoneyToken
  • BitPay
  • FOTA
  • Melonport
  • Centrifuge

In addition, CENTRE declares its intention to make every effort to ensure the security of the use of the USDC and partnership with the blockchain-oriented, AML-compliant and risk-based companies, including Chainalysis, Elliptic, Coinfirm and Coral.

Additionally, it is stated that such wallet providers as BitGo, Cobo, Coinbase Wallet, CoolWallet S, Elph, imToken, Ledger, Status and Trust will provide native USDC support.

Circle announced the release of its own stablecoin in May after the close of the E-series financing round for $ 110 million.