RE: Poloniex Crashing? $67,877+ in Unconfirmed Steem + SBD Deposits!
Poloniex experienced a catestrophic loss of funds. This could either be through security issues or interal siphoning of funds - theft / embezzlement etc. Either way, the exchange is insolvent.
As far as Steem is concerned, it's pretty easy to audit Poloniex's STEEM and SBD deposits since they (foolishly) use a single account for all funds. https://steemd.com/@poloniex
It's possible that they are less than fully solvent with other currencies, maybe bitcoin, but I don't personally think so. Their Ethereum cold wallet has enough funds that they would be able to cover any withdrawals, and I would hope that they use good cold storage practices with bitcoin too. I think there's a lot of anxiety about how big the exchange has gotten so quickly, and I think they are experiencing growing pains moreso than insolvency.
Edit: Here's their old BTC cold storage address which got spread out between multiple multisig addresses that mostly still have their balances. https://blockchain.info/address/17irB8xLxhVRerCoUyypnmpoak3QBpVp2z
I keep some tokens there but I am reducing the amount I hold on central exchanges.
Thanks, yes i'm aware that this can be done this way. The greater concern is of course the rest of the site and their overall balance sheet.
Withdrawals stuck in limbo for 5 weeks, and no support from support ticket at all is not a good sign. There are many reasons why this could be, but at this point I can only assume given that I haven't got my money, and from their lack of response that they are defaulting on me.
I edited in links to some (relative) proof that they have funds. At least, as long as they haven't lost the keys to the funds.
thanks for that, obviously I hope you are right and I'm wrong.
Did you get the emails saying you had to click the approve withdrawal and then you clicked it but the withdrawal never went through? Or did something else happen?
I got the emails, and then clicked approve. Currently they are sitting in "Awaiting Approval" and have been for coming up to 6 weeks now.
I've also contacted support through their support ticket system, made about 1 new ticket every week or so. Zero replies.
That's crazy! I appreciate the warning because while this has not happened to me yet with Poloniex, I am not going to use it anymore until you and everyone else commenting has their deposits!
I have txs unconfirmed on blockchain.info for four weeks already. Three similar sized txs went through to Bittrex ok and the fourth just got stuck. Unconfirmed for that long probably means it hasnt even been added to the block or mempool? Word went round that smaller txs were being ignored because the fees were too low to make them mineable... Bittrex said the deposit went through but the actual amount was not added to my balance, and then Blockchain.info increased their min deposit and withdrawal amount, the rest is history! I was hoping 4 weeks was a record but apprently not. And now the same thing is happening on my GA wallet. Lots of little missing txs all add up (for someone). No word from support from either Blockchain.info, Coinify or Bittrex. Bitcoin confirmation fees have now become ridiculous IMO.
Add me to the laundry list of Steemit users @jerrybanfield. I sent $2000 worth of STEEM and SBD to Poloniex two weeks ago and it never even showed up on their site! I checked their Steemit wallet and my own, doubles checked both memos, made screen shots, which I included in the support ticket I pulled 30 minutes after my funds hadn't arrived. I've replied to the same ticket five times without a single respond or acknowledgement from Poloniex. I can see both my deposits right on their public wallet. They did recieve the funds, and going on three weeks now, still...nothing.
I withdrew all of my funds from Poloniex as well.
They have $500 of my SBD and same with @matt-a --- Mine has been lost on a deposit to them over a week now.
It can be easily seen in my wallet or on SteemD.com etc
That was my money I won to go to SteemFest
Oh no! That really hurts :-(
I've transferred 500 Steem to them a couple of days ago since I had no idea about their issues and am waiting for them to be displayed, too.
Crossing my fingers for yours to appear soon! You definitely must go to SteemFest!!!
Aw Marly that is so nice of you.
It is always nice to hear from you sister.
I hear you may be coming to Canadastan at some point, so here is the most Canadian thing you might read all year for our 150th Anniversary here...
https://steemit.com/life/@barrydutton/well-today-is-canada-s-150th-birthday-here-in-canadastan-the-government-fails-humanity-daily-but-team-together-everyone-achieves
Thanks for the concern!
"as long as they haven't lost the keys to the funds" wow that would be more epic and probable than theft!