Users of the Poloniex exchange were able to receive up to 8500% of profit for a series of transactions due to the mistake 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 on Poloniex was from 3 to 5 USD. 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.
The rise in the value of the DOT token on Poloniex is probably a consequence of the inattention of the exchange users. A split will take place on the altcoin network on August 21. 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 splitting, and warned about it on its 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.