Poloniex Users Received 8500% Profit Due To Traders' Error

The exchange added the Polkadot token (DOT). Investors did not carefully read the listing conditions and bought cryptocurrency,until its price rose 85 times its market value.

Users of the Poloniex exchange managed for a seriestrades get up to 8500% profit from each one due to mistakes of other traders. Yesterday, the site added the Polkadot (DOT) token. At that time, the average market price of the cryptocurrency was around $ 350.

The first 10 minutes after the opening of trading, the DOT rate isPoloniex was in the $ 3-5 range. Users decided that this was a glitch and began to buy the coin while its price seemed to be below market value. As a result, the asset went up rapidly to $ 300. After that, the quotes of the token plummeted to $ 100. Then the exchange suspended the possibility of opening deals in this pair, at the moment the trades are still closed.

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The rise in the value of the DOT token on Poloniex is likelyis a consequence of the carelessness of exchange users. Around August 21, the altcoin network will split. The number of coins will increase 100 times, along with this, the price of the asset should fall by the same amount.

Poloniex has already done this crushing, about whichwarned on her Twitter account. In other words, the token price at the time of the opening of trading was close to the market value, taking into account the split. But some users did not know about this, which is why they bought the coin up to $ 300. Currently, the DOT / USDT pair still has an order to purchase an altcoin at a rate of $ 99 for $ 5,000.

? #Polkadot [IOU] is now available for trading on #Poloniex!

DOT / USDT is now open for trading in post-only mode. Full trading for #DOT will be enabled shortlyhttps: //t.co/dE2Fh87tHF pic.twitter.com/0H3BJUA8VT

&mdash; Poloniex Exchange (@Poloniex) August 13, 2020

2 August Bitcoin Quarterly Futures Rate withSeptember execution date momentarily jumped nearly 800% to $ 99,964 on the Binance Futures derivatives platform. Probably, a large investor made a mistake when buying an asset.

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