- Margin lenders lost around $13.5 million, claims crypto exchange Poloniex
- The margin market dropped 77% in less than an hour on May 26
Crypto exchange Poloniex said that margin lenders lost around $13.5 million due to a May 26 flash crash.
“The velocity of the crash and the lack of liquidity in the CLAM market made it impossible for all of the automatic liquidations of CLAM margin positions to process as they normally would in a liquid market,” said the exchange in a statement.
During the flash crash, the CLAM market decreased by 77% in less than an hour.