Did Blockfi, Nexo and Celsius Pay Back Their Customers?

Kelward

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Quote from: jrrsparkles on December 02, 2023, 08:34:01 AM

I don't know the exact stats but I am sure none of them paid full back that should be the takeaway point.

FTX is going through a verification process for claims but it's going to be a pain in the ass to get what's left in there even if it's our own money.

Lesson: Don't take the risk that isn't really worth the risk.

I really sympathize with investors that still have their funds stock, the crypto space is unpredictable with the market trends including where you store your coins. It's either a hack, regulatory issues with a government or bankruptcy, in the end customers mind is not at ease except their coins is in their none custodial wallets. I hope that FXT for instance will get their acts together and restore customers confidence.

jerry0

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I still am confused with all this. So did most non US customers get paid or nobody got paid?

What about US customers?

The thing is was the terra lunna collapse the worst of all compared to these? For example I know FTX was big but people who had funds in FTX will eventually get it back right... it's just a matter of when? What about people who had money in blockfi or nexo or celsius? With those 3 companies... was it if you had any funds there... or only if the funds were earning interest? I believe with FTX, it was any funds you had there whether it was fiat, btc or any coins there?

jerry0

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I'm curious but are most of you US customers or non US customers? I'm curious to hear from those who are US customers.

So celsius you could withdraw a good amount only if the money or coins you had was not in their earn program so to speak? Thus if it wasn't earning that 12% interest, you could withdraw up to 80% of the account... even now?

The other ones... it didn't matter if the balance was fiat, crypto or in an earn account, nobody got anything back? But if they send in proper documentation, they did or didn't? How much percentage did they get back?

JeromeTash

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Quote from: jrrsparkles on December 02, 2023, 08:34:01 AM

FTX is going through a verification process for claims but it's going to be a pain in the ass to get what's left in there even if it's our own money.

Their KYC process sucked. I didn't even bother. I had dust amounts in there and some locked Luna 2.0 that had been airdropped. I am pretty sure lots of people were not able to file for the claims

Quote from: jrrsparkles on December 02, 2023, 08:34:01 AM

Lesson: Don't take the risk that isn't really worth the risk.

Exactly. I don't know how people ended up trusting those lending and borrowing platforms yet APYs were really so low. Not worth it.

jrrsparkles

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I don't know the exact stats but I am sure none of them paid full back that should be the takeaway point.

FTX is going through a verification process for claims but it's going to be a pain in the ass to get what's left in there even if it's our own money.

Lesson: Don't take the risk that isn't really worth the risk.

nelson4lov

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FTX withdrawals from the claims are not available yet. For Nexo and BlockFi, nothing thus far. Celsius users can currently withdraw around 72% of their assets as long as it is not classified as "custody assets just as @libert19 posted. An interesting twist is that Celsius is trying to get into the Bitcoin mining business with what's left and FTX are planning to revamp the exchange and relaunch it but under a new management.

The reason there isn't much about these startups/projects that filed for bankruptcy is because these court proceedings are usually slow and span over a lengthy period of time.

libert19

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You can withdraw from Celsius apparently, but only funds held in 'custody' section, if your funds were in 'earn' section, you can't yet.

I'm just gathering this stuff from this tweet [1] Celsius posted.

If you held funds there you better check on app itself than asking a question, tbh.

[1] https://twitter.com/CelsiusNetwork/status/1729879423024062484

Tipstar

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They are to some extent providing not full but a compensation amount to users who are able to provide proper documentation. But most of the required documentation is absurd and most people are not being able or not willing to provide it.

Of the four, I was active in FTX, Celsius and Nexo. I bought FTX token during the hype and FTX was my primary exchange due to the low fees.
After the first news, I sold my FTX token at 80% loss and withdrew just before they stopped letting users do that. It was a good choice.
I would have never been able to provide the absurd documents they want like my salary and tax statements.

I was saved from celsius disaster to some extent. I had a good amount of USD on their platform staked for interest and they eventually blocked my region. I needed to use a VPN to withdraw all my USD to nexo. I lost some of their tokens which I held for better rates.
After the bankruptcy of Celsius, I was wise enough to empty my Nexo wallets.

jerry0

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So I know gemini earn still hasn't paid back any of their customers. I remember gemini earn was one of the most trusted because they were gemini but with the issue with genesis, any customers who had GUSD earning interest still hasn't gotten their money back.

What about blockfi, nexo and Celsius? I'm curious if many Americans had money there and did that to earn the 12% interest and if so, did they pay them back? I remember they didn't allow certain US states or if they banned all US customers. But I remember early on, they did allow US customers.

Also anyone with money with FTX whether US or non US still hasn't gotten paid back right? So whether it was crypto or FTX tokens or whatever, nobody got paid back? But they will eventually? Were there coins that people put in FTX where they earned a lot of interest similar to Celsius or like gemini earn? Or there wasn't?

Topic: Did Blockfi, Nexo and Celsius Pay Back Their Customers? (Read 86 times)