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