Margin lenders lost $13.5 million in May to Poloniex crypto crash
A flashcrash in Poloniex's Clam ($CLAM) market caused Bitcoin ($BTC) lenders to lose a collective 1,800 Bitcoin or $13.5 million. A 77% drop in Clam's value in just 45 minutes could not be handled by Poloniex's automatic liquidity machine, resulting in a socialized loss of 0.4% to all users. Poloniex is looking for defaulting borrowers to repay lender's holdings.
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