100% for Custody, 50-65% for Earn - Take the cash and run?

  1. Replace Alex and all the shitty executives. Put someone competent enough to run the company whilst being sustainable and I’ll wait it out.

  2. Exactly my thoughts. Do this, and continue. Make up for mistakes through radical transparency - and not saying “we are transparent!” but actually showing balance sheet numbers on a monthly basis.

  3. Pretty much this. I have no issue waiting a couple years as long as the people who got us into this mess are gone. If its the current team I'd happily cash out at 25% to get away from this shit show.

  4. Agree, the reported hole in the balance sheet is around $1.19 billion and "User liabilities" are at $4.72 billion. If the 50% of "User liabilities" were closed at 50% loss that would be $1.18 billion off the liabilities...so pretty much exactly closing the hole.

  5. The problem is that it turns out they were never sustainable. Seems like the whole business model was basically based on gambling.

  6. And how will you decide if the new management is competent. At one point you felt current management to be competent, no?

  7. I’d normally be down to HODL, however, I never want to think of Celsius ever again after the past 30+ days.

  8. Exactly this. There is a reason they were not very specific on their “go long crypto” statement. You can be 100% sure it does not mean you get your balance reinstated to what it was prior to them halting and will be able to withdraw it any time soon!!!

  9. I see no indication that custody would get 100%... also, I want new management. I'm not going long with this management.

  10. High probability custody holders will get there money back. Per reports, Celsius’ custody accounts hold about $180 million, or 4% of the company’s crypto assets. These funds are currently separate from the firm’s earn accounts.

  11. Those questions are asked inside of the document, so no one will be able to answer your question. I would love to get clarity on it, since from the time of filling ETH already rallied nearly 50%, therefore the 50% haircut from the moment of filing would mean a 75% cut (if the payout will be in USD). Ideally, I would love to get my coins in kind with the haircut, I want this shit to be over and move on, I don't want to wait for 2025 to get my money back from the company that was insolvent since the last year, no fking way.

  12. Same as for everyone else, either a haircut or in some kind of way bet on prices going up. I think (that can include a total redistribution of your assets into btc/eth/maybe even equity in mining)

  13. I never accepted Celsius' newest terms of service. So when I log in, it says "you need to accept our terms of use... if you do not agree contact support contact support to withdraw your funds & close your account"

  14. Even though you didn’t accept terms you were still able to receive interest? Ads you saying you never accepted celsius newest terms since a several months ago?

  15. It says “cash”. I’d take a haircut on my crypto assets if it meant I get those exact assets - I can go long myself afterwards if I so please lol

  16. It's only a distinction valid for Americans. They had to separate accounts earning yield to those that didn't (custody). Everyone outside of the US has an "earn" account.

  17. Earn account is yielding returns, custody is simply keeping your crypto on their platform while not earning interest. If you wanted to move funds off their platform you had to first move them from earn to custody. I believe this change was made whenever they reduced yields and introduced accredited investors.

  18. That would work out for me since I had swapped my crypto into USDC and was waiting for white address to go through when they paused the withdrawals

  19. This was a non-proposal from a zombie company. No one will ever deposit money in Celsius again. This whole chapter 11 proceeding is a charade. Either outsiders take over the company or it goes to chapter 7.

  20. Technically, it’s in custody, but I don’t know if it would be recognized as such in this process. It’s subject to approval by the bankruptcy judge.

  21. A day before the closing of withdrawals, I moved funds from earn to custody (just to ensure I understand the terminology, I moved BTC from earning interest to not earning interest).

  22. I did exactly the same as you. And I believe it is correct that we will get more given the note on the balance sheet assets=liabilities.

  23. Same. I was going to wait til the next day to withdraw so I could also include my ~$8 of weekly interest. Hindsight is killing me.

  24. They’re praying enough idiots will keep their funds locked in to the platform, y’all are paying their bills. Best bet for anyone would be to withdraw what you’re able to and let them die.

  25. If I were them I'd hope people take the fiat equivalent with a big haircut. That would shed a ton of debt.

  26. What I would like to know is what’s the point of “going long on crypto” for myself when the overwhelming majority of my crypto on CEL is in the stablecoin USDC.

  27. If I had to take a 20% haircut today to get the rest of my deposits back I’d be happy to do that. Celsius have a 1.2b hole which is 20%. I would be willing to take that 20% hit and I think everyone else should also be, including institutional investors….that way we all come out fairly with a 20% hit and get 80% back. And we then move on.!

  28. I wish it was going to be that simple. I think 50% is what we should expect/plan for worse. Trust me I wish this wasn't the case, but hoping for 80% would be way too generous. Maybe I'm jaded right now but I think it's pretty bad rn.

  29. no, i don't want to go long with them, they are proven to be shady af, theres not a lot of income streams for them, so c-level, lawyer, and employee salaries would run our funds dry.

  30. You'll get 15% of your account balance if you chose to leave this mess now.You'll get 12% more each year you stay with this entity. So if you choose to claw back your money in 5 years, you will get 75% of your balance. 7 years to be made whole.

  31. Idk, but I really hope it would be USD value at the time of, as that could screw over celsius. I also dont need another haircut from dumping whatever I get back into a pumped up coin. I am already at a 50% difference in my celsius port from day of filing to now.

  32. what is go long crypto option ? Taking cash is bullshit, i put the crypto in Celcius when it was ATH, now these bastards are giving me cash at all time low, if they want to give cash give me the price of the date when i transferred it.

  33. It's basically wait till next bull run and we'll hopefully be able to make you whole in 2-3+ years I'd imagine.

  34. Rework the lending framework into a defi protocol and add the mining business for supplementary revenue stream and replace the management team and I’d go long

  35. I would gladly take 50% and wave goodbye were it to be offered in the short-term since I only hold stablecoins.

  36. Give me Cel token to hold! (strangely enough - I'm not saying this as a joke.. but unsustainable rates or taking losses are not going to work - so seems like a middle ground)

  37. There are firms offering to buy you out right now for 35-40%. I just personally talked to one based in New York. I believe they're only talking to people with $50,000 or more, but that could be an option for some of you guys. I wanted to sell out, but the number in my head was 50-60% based on the coin. Plus I'm in a position where I can wait... I chose not to go with them.

  38. If we go long as earn holders do we still get made whole? It's pretty f****d because only 5% were custody accounts, why bother moving coins if you were grandfathered into earn? ...

  39. Where are you getting 100% for custody and 50 - 65% for earn? They said “cash at a discount or remain long crypto”, which is ridiculously vague.

  40. Why wouldn’t they just do this in the first place instead of filing for bankruptcy. Or do they have to do that in order to make a deal like this?

  41. It would appear the judge is ruling on Custody accounts belonging to Celsius or users...Disclaimer I have 5% in custody in Aave and Sol...Would love it back. idk though this is a shit show.

  42. How long? Our coins we deposited or CEL? Any guarantees or do we risk getting fucked over again in a year or two? Fuck it, give me 50% in USD. Trust is gone.

  43. I’ll take my cash, convert in BTC and leave them on my own wallet. I’m done risking my BTC for just 3-4 %

  44. The whole idea of Celsius was to give them custody so they stake coins for i.e. 10%, take 2% for themselves and give 8% to customers. The 2% is like for speed and liquidity. But they have taken that away...

  45. Celsius is such a good business, and in a bull run, we could see that company worth billions and billions of dollars. I am happy to keep my coins there for the long term if I get 100% back which is likely to happen in 2 to 3 years. Also, Alex and all current Celsius boards must be replaced. I don't care if bank to the future or any other entity doesn't have the experience in running this business; I value trust, and this current board showed clearly we cannot trust them; they didn't speak up when things went wrong, and there was no transparency in the business. I don't want these people in a rebranded company. Otherwise, the same things would happen again if the new CEO decided to take illegal actions (nobody would do shit to avoid it). Also, these people are incompetent cause they lost billions and billions of dollars, which shows they don't deserve their position in the management team or leadership. Anyway, I agreed 100% with the opinions here—long-term hold, 100% return of our coins, new board for Celsius, and Alex must go to prison.

  46. Earn wouldn’t be used to pay custody because the custody assets match the liabilities. Which means they did what they said they were doing with custody accounts and not lending it out. Si custody would get paid by custody not from earn accounts.

  47. Earn accounts were meant to be for “accredited Investors” which is why Celsius made the push to have depositors become accredited investors, but for those that are not accredited investors there prior deposits were kept in the earn accounts so as non accredited investors those customers should also be made 100% whole as being non accredited means those people don’t understand the risks and their deposits should have been made safe. Perhaps Celsius should have moved all Non-accredited investors deposits to Custody Only accounts.

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