Poloniex Lending Pool Loss Update

Poloniex recently provided users affected by the lending pool loss with an update. Poloniex is committing to re-reimburse users by refunding their trading fees. Poloniex claims they will reimburse the trading fees of users until those users are made 100% whole by the lending pool loss. When this “solution” was first announced, I figured it was a pretty crappy solution for users like myself who don’t do much trading. So now Poloniex is saying they will also reimburse lending fees. This seems to make more sense since users

Overall, the way Circle Financial handled the whole lending pool loss incident left me with a lot less confidence and decreased my level of trust in them. Compared to Bitfinex, which has also suffered a number of similar losses. I think the leadership of Poloniex could have been more creative in the way they compensated users. But maybe their hands were tied by being located in the US and partially regulated. When Circle first purchased Poloniex and introduced products like USDC trading, I thought this would be a positive development for users. But now I think Poloniex being partially regulated in the US restricts their ability to adjust to developments in crypto markets.

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