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Poloniex Liquidates Long Positions During DDoS Attack

By

Jeremy

Nation

WriterETHNews.com

Long positions held by Poloniex traders were liquidated by the exchange following a selloff during a DDoS attack.

Delaware-based virtual currency exchange Poloniex announced that it was "working to mitigate" after an apparent distributed denial of service (DDoS) attack affected its servers.

On May 8, 2017, at 7:57 PM (PST) Poloniex tweeted the announcement, which was met with mixed reactions and questions from those wondering when the exchange would be live again.

Charts show that around the time of the attack, a selloff of XRP (the currency of Ripple Labs) caused the price to drop. Mirroring the scenario that occurred within the Kraken exchange a day before, Poloniex traders holding margin positions found themselves unable to manage their accounts and were forced into liquidation.

Poloniex Chart May 8 2017

On Twitter, hours after the initial DDoS attack announcement, Poloniex said that coins are safe and the exchange would return in "about 15 minutes."

Users responded with criticism:

Perhaps taking a note from the suggestion made on twitter, at least one person created a website designed to bring a class action suit against the exchange. In short order, however, the site address (http://poloniexlawsuit.com/) was redirected to forward to the Poloniex exchange site.

Poloniex_Lawsuit

The latest notice on Poloniex’s site was a post made by ‘OldManKidd’ at 7:49 pm (PST), but no further announcements have been made about the DDoS attack or the events which followed.

Poloniex has not responded to ETHNews with a comment. ETHNews will provide additional coverage as this story develops.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

ETHNews is commited to its Editorial Policy

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