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Poloniex Deletes Trading History After Trades ‘Executed Erroneously’

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Fredrik Vold

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Fredrik Vold

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Last updated:

June 26, 2023

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Seychelles-registered crypto exchange Poloniex has rolled back 12 minutes of trading history after a bug detected in the system caused trades to be “executed erroneously,” the company announced late Wednesday.

According to a series of tweets posted by the exchange’s customer support department, “a bug that briefly caused trades to be executed erroneously” was introduced on February 10 at 17:53 UTC. Shortly after, the exchange announced that it had “removed from the system” 12 minutes of trade history, from 17:53 UTC to 18:05 UTC, in an effort to “address any inaccurate accounting the bug caused.”

Further, Poloniex – which received an investment from Tron founder Justin Sun and other investors in late 2019 – said that all withdrawals had been disabled. About an hour later, however, the exchange said that maintenance has been completed and that full trading, as well as withdrawals, have been re-enabled.

Yesterday’s glitch occurred shortly after Poloniex announced that the platform went into maintenance mode, and therefore had suspended all trading. Interestingly, the tweets published by the customer support team suggests that the maintenance took longer than expected to complete, keeping the platform disabled for about 6 hours on Monday.

As would be expected, several nervous Poloniex clients took to Twitter to ask what exactly happened, with some users also expressing frustration about lost trading revenue due to the platform’s unexpectedly long downtime.

According to Twitter replies from users, some have experienced being locked out of their accounts for more than 18 hours, while others are asking whether there is any plan to reimburse traders for lost revenue.

For most, however, the issue seems to have been worked out without the loss of any fund so far.

Yesterday’s glitch is not the first time Poloniex is facing a backlash from the community. In May last year, both margin traders and lenders experienced a significant loss when the altcoin CLAM saw a price crash on the exchange.

Trading volume on Poloniex: