Users have begun withdrawing their funds from the crypto trading platform Poloniex after it spun off of Circle Inc., and after the latter warned U.S. users' balances on the platform would be subject to fees.
According to data compiled by CoinMetrics, Poloniex clients quickly began withdrawing their bitcoin and ether from the platform following Circle’s acquisition last year. The supply of BTC and ETH plummeted further after the exchange became an independent company, leading to Poloniex’s lowest level of crypto holding since early 2016.
Poloniex’s supply of BTC and ETH plummeted after Circle’s acquisition, and are now at their lowest levels since early 2016.— CoinMetrics.io (@coinmetrics) December 10, 2019
Check out more insights from our new exchange flows data in this week’s issue of State of the Network:https://t.co/8Th5YnSLRK pic.twitter.com/zrJntl2R5g
Users have been frustrated with the exchange over a series of coin delistings, including the removal of DigiByte earlier in the month shortly after its founder criticized it and TRON's Justin Sun, who admitted to having invested in it. One Twitter poll with over 955 votes found that 84% of respondents were considering closing their Poloniex account following the delisting.
In addition, Poloniex has yet to repay users following the CLAM coin incident, during which the exchange made up for the loss of 1800 BTC by taking a percentage of client funds.
On 26th May 2019, poloniex took 16% from the btc holders/lenders because of the clam incident. Be very careful with @Poloniex , they do not honor their customers on the 1st hiccup they stole 1800btc from them— Bourlas (@cbour) December 11, 2019
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