I've been a regular margin trader on Poloniex for about 3 years (First two years were good with no issues) , I used Poloniex because it offers margin trading for stellar. Just recently Poloniex Server outage caused a trading disruption and the market went into post only mode for trading orders. The moment it resumed XRP/BTC (which i have an open long position in) plummeted to 7500 sats due to orderbook error causing my margin account to get partially liquidated. My margins are at loss but i had no intention of closing my positions at any point, my margin was safe if it wasn't for the XRP/BTC price drop. I've lost a total of 104,123 XLM roughly 10,000 $ (2.91 BTC) in value. After submitting a ticket and waiting for 5 days i've been reimbursed .02 BTC while having deducted my outstanding loans from the original amount. That's what having a margin position means to take a loan , and now due to Poloniex's service disruption .. i didn't get a choice in when to payback my loans (my account has never been in negative as i've always paid back entirety of my margins held) , right now my margin positions are all in negative (with sufficient time i've always made a profit) and any forced repayment causes me to incur these losses. That's what the margin interest is for ! All i want is my XLM to be returned back to my margin account along with adding back the outstanding loans that were deducted by the forced liquidation. I just want my account back to the way it was before the server outage, i'm not asking for anything else. Here's their reply -Poloniex support-On January 17th, 2019, Poloniex experienced an unplanned outage from approximately 21:15 UTC to 22:45 UTC. A misconfiguration in one of our third-party provider's software systems caused a network issue, which has since been resolved. We have worked with our partner to ensure that it won't happen again.After a thorough investigation of your account, we identified that one of your positions appears to have been impacted. During the outage, three markets (XRP, STR, ETH) experienced large price movements that resulted in liquidating some margin positions. To account for this, we calculated a reimbursement of 0.02748891 BTC, that has already been credited to your account, and is based on the best execution price of the first customer liquidated. This ensures that even if your position was sold later, you have been compensated based on the best execution price. Additionally, please note that your reimbursement amount is based on repaying your outstanding loans first, with the remaining balance distributed to you in BTC from the liquidation sales. I got their reply after 5 days (7 hours ago) , i replied 2 hours ago.Again, we do apologize for this inconvenience. We take these outages seriously, and we know that disruptions in trading are frustrating for our users. The stability and security of the exchange is our top priority. As we mentioned in December, we are upgrading to more scalable and resilient data centers. We will complete that upgrade in the coming weeks, and will continue to invest in improving the reliability and uptime of the exchange.My reply -This is unacceptable ! i've lost XLM worth 2.91 BTC due to the liquidation and you have reimbursed me .02748 BTC ?? Is this a joke ? I'll pay my margin loans on my own terms. Not only are my margin positions affected but i've lost 1/4th the value of my account due to this! I have lost all confidence in your exchange as you seem to lack the basic decency of even returning the amount which was lost ! I'm not even asking for something i didn't own to begin with. Please look into this because this is deeply distressing to me. The amount reimbursed is a joke and i don't accept this as issue resolved on any basis."Additionally, please note that your reimbursement amount is based on repaying your outstanding loans first, with the remaining balance distributed to you in BTC from the liquidation sales." I don't want to repay the loans first i'm willing to pay whatever interest the market offers to hold the loan, please put the amount you deducted on the loans straight back into my margin account where they were taken out from.Kindly add the XLM back in my margin account , while also adding back the outstanding loan to my net margin value. I'll pay back the loan myself on my terms according to my trading strategy.P.S - I know how risky margin trading is and the consequences of poorly managed margin positions. But that's not the point here , the account liquidation didn't happen due to market conditions. I accept the risks when they pertain to anything caused by market fluctuation. This event was not due to market conditions , it was due to Poloniex exchange service disruption. The price drop of XRP/BTC only happened on poloniex itself and not in any other exchange.
Submitted January 25, 2019 at 01:12PM
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