What a day, but at least it was not as horrible as yesterday.
Crypto Weather Forecast #14 - I Had a Horrible Day
It was rather Ironic. Do you remember that communication that Celsius sent last week? That there was nothing to worry about, something about torpedoes and full speed?
Let us be clear:
Celsius identified instability in the Luna/UST peg early, and acted swiftly to protect our customers.
We built a world-class risk management team for precisely this reason. Celsius’ Rodney Sunada-Wong, Chief Risk Officer, shares more here.
All instances of HODL Mode are a response to protect user accounts, and to comply with regulatory, compliance, and legal requirements. In most cases, HODL Mode can be deactivated quickly by contacting Celsius Customer Care.
Celsius continues to process withdrawals without delay. We have not had any issues meeting withdrawal requests. Celsius honors all withdrawals as quickly as possible and works hard to support customers if and when there are delays.
Celsius has the reserves (and more than enough ETH) to meet obligations, as dictated by our comprehensive liquidity risk management framework.
But the best part was yet to come:
Despite difficult cycles in the market like we face today, we at Celsius remain deeply optimistic about the future.
Isn´t it Ironic?
A week ago they were optimistic and had torpedoes and stuff and that same week they shut down all withdrawals.
Now, today I received similar don't worry emails from CAKE DeFI and a message from Bill. No clue who Bill is, but he is with ABRA and sends emails confirming that my funds are safe and that they have no ties or similarities to Celsius.
That's great 😊👍
Especially because I trusted those guys less than I trusted Celsius.
I got my ABRA bonus and then some and left.
Cake Defi so far has been a very pleasurable experience and I am holding a nice amount of DFI, but I took already enough profit from their project that I am okay losing what's left.
But what triggered me was that both their messages were very similar to the tone used by Celsius a week ago. Check it out for yourself:
Cake´s message
For our part, we simply want to reassure you that current market conditions have little impact on Cake’s daily operations, and 99% of the withdrawals are processed within 24 hours. Here is what sets us apart from Celsius and others.
1. Customer’s assets are kept separate from company’s operating accounts, fully complying with Singapore’s regulations.
2. All Cake’s Staking and Liquidity Mining services can be accessed by the users directly on the blockchain. All transactions, yields, masternodes and other information are provided to the user on Cake’s website and App.
Though, indeed, we believe that crypto is the future, the short term volatility of the crypto market remains unpredictable.. So, the best strategy is to HODL in the long run and get cash flow in the meanwhile. As always, happy baking!
That last sentence, well those last two....so optimistic where have I heard that before?
ABRA´s message from Bill
I want to address the current turmoil in the market and the news regarding Celsius and BlockFi. We’ve experienced incredible growth as a company and I have great conviction for the future of crypto. We all know that crypto is subject to extreme volatility.
Having a partner like Abra that is financially secure and has sound risk management practices is absolutely essential. That’s why Abra is considered by many to be the best company for helping you manage your crypto wealth.
Abra has rigorous credit underwriting, risk management, and trading policies. Our yield and lending operations are in a strong position with no losses suffered. You’ve all heard me talk about our risk policies for the past two-plus years. It’s this commitment to excellence that has enabled our rapid growth in a safe and responsible manner.
We’re also aware of the issues facing Celsius and the recent issues with BlockFi. Abra has no exposure to Celsius or BlockFi and Abra has no relationship whatsoever with them. Our rigorous underwriting standards and risk management practices are protecting all of our funds. In short, Abra is open for business and thriving.
Thanks Bill
So I have nothing to worry about according to Bill.
Well thanks Bill, I guess I will have a great night of sleep now. Full speed ahead right? Now I am not saying that these guys are a scam, the whole crypto-verse is trying to safe it´s behind and that is probably all there is to it....but still that same tone is nagging in the back of my mind.
Now I know since day 1 in crypto that if I don't own the key's I don't own the coins and Celsius was just a slightly expensive reminder 🥺. But that same thing applies to ABRA and Cake and both sent me assuring emails just like Celsius did......
With StableKwon we knew he was in on it.
While the Celsius CEO was still claiming that funds could be withdrawn while they were already locking accounts. Would he seriously not have known?
I only lost a little, for those who did not see my post just my earnings from 5 months Readcash and NoiseCash. But I have been reading some horrible tweets....if they are true:
How am I supposed to add liquidity or pay off the loan if I can’t transfer any funds to the account? Is this a straight-up robbery? What’s up?
I hope my assets are released soon. it's my life savings at stake... please have a timeline.
Wow. I just lost half my savings to this scam. This is my lowest moment since I’ve joined the space. I’ve lost everything, I’m not gonna make it.
Any update on anything for holders??? People are in full panic. At least give some type of update. Good or bad….
I need to withdraw so I can buy my medication and also food. This couldn't have been at a worse time! I am disabled and don't have any other money, just this. This is really urgent & now I worry it is gone @Mashinsky
And maybe I would already have been too late doing it Sunday evening:
I initiated a transfer 6 full hours prior to the announcement, to a whitelisted address, and they canceled it. My assets should be in my wallet right now. These assets were not in earn accounts. Release my assets now!
Well, we all can guess what will happen, they will call for Bankruptcy and we could all have read this:
Trust No One
I read that months ago. I moved all my holdings off of celsius and decided to only keep a little....guess a little grew and added up being a little over a little.
But I learned my lesson again and last night I moved all the BTC I have been buying on the way down out of the most trustworthy exchange I know.
Sorry Bitvavo, not gonna hodl BTC I will not use over the next 3 years with you guys.
Hmmm, that makes me wonder would Netflix be behind this whole Celsius and Luna rug pull?
Then I saw this, is there still hope for Celsius?
Guess not....
Have a lovely day, remember that hitting the like button is one of the few free things in life, and hope to see you tomorrow.
