This article has been translated from English to Gen Z Slang.
Poloniex, fam, is one of those crypto exchanges that popped up on the scene back in 2013. 🤓
Over the next few years, it lowkey glowed up and became one of the big players in the centralized crypto world (CEX) globally. 🔥
Flash forward to 2018, and Circle, which is basically all about that digital asset and financial service life, scooped it up for a casual USD $440 million. 💰
Circle was hoping to be the GOAT in the U.S. by becoming the first lit regulated crypto exchange. 🏆
But then in 2019, they decided to peace out and #SpinOffGoals Poloniex into its own solo act. ✌️
Enter Justin Sun, the Tron mastermind! He led an outside squad from Asia to snatch up Poloniex, and word on the street was they might drop up to USD $100 million on it. 😱
With that deal going down, Poloniex hit the brakes on serving U.S. customers. 🚫
The exchange's been caught up like a TikTok drama with different Big Brother agencies in the U.S. and Canada. 🙈
In 2021, the SEC came in with tea, charging Poloniex for running an unregistered digital asset exchange in the U.S. from 2017 to 2019. 😬 Poloniex was like, "OK, we'll spill the $10m" to settle the whole deal. 🙄💰