Celsius "Recovery" Plan

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(Edited)

We were burned in the Ponzi scheme known as Celsius and, as you may know, they recently published details of their recovery plan.

And it is an absolute shitshow

It essentially screws over people who had placed more than $5k on the platform but will likely get voted on because the majority of users had less than the threshold but it seems that it may also screw these people over as well due to the price appreciation of crypto since the petition filing date on July of 2022.

As for my case...

If I opt into convenience class, I essentially take an 80% haircut from what I had there (primarily $DAI) due to having to reduce my claim down to $5k.

If I do not, I receive 30% back and the remaining 40% in Novawulf equity. I just learned about this yesterday; therefore, have no idea if it's gonna be worth anything.

Even so, something IS better than nothing but I just can't keep from feeling as though we have been robbed albeit via legal channels. Legitimized fckery!* 🤬

This is why I came up with a poorly done dub meme parody of "Screwing us over but with extra steps" Rick and Morty video parody and Alex Mashitsky.

https://www.minds.com/newsfeed/1473054189645991952

This entire situation is a mess but I consider it a hard lesson in the value of self-custody and the danger of chasing yield on centralized exchanges.

Related Twitter thread

Posted Using LeoFinance Beta

hive-167922 leofinance celsius financememes drama cel palnet neoxian
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9 comments
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This one burned me quite a bit and after losing some funds on Celsius is hard to trust other CEXes, even Binance.

Posted Using LeoFinance Beta

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I'm right there with you! Hoping for something good to come of this.

I seriously downsized my CEX holdings after this incident. Decentralized exchanges like CubDefi FTW!

@leofinance

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That sucks man. I had a full bitcoin on there at one point but yanked it as soon as the FUD started-- other platforms as well. The only platform I have any on currently is Ledn.

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(Edited)

@anthonyadavisii
Hey man, where can I find more info?
Luckily only a portion of my crypto was there, but still, it was a lot.

30% back and the remaining 40% in Novawulf equity

Ehm, what about the remaining 30%? Lost?
And isn't it NewCo?
[reading about it]

PS. got it

image.png

And that's for Earn. What about Borrow? (ie. deposited collateral there)

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PS. well, that fucking sucks

  • Will they survive 5ys?
  • The interest rate was 1% and now 7.5 / 12.5 wtf
  • Did they convert at the bottom of the market?

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Asked for hopium and /u/millivoj_popovic delivered:

Hopium incoming-this newco will need to be regulated and under the watchful eye of courts, creditors and regulators, so unpractical for scammers and thieves. And we get to own it. There's a good chance it will be moderately successful and profitable which will give you yeald for years to come.

I really hope they are right.

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