Jump to content

Zedy44

Silver Member
  • Content Count

    1,812
  • Joined

  • Last visited

5 Followers

About Zedy44

  • Rank
    Veteran

Profile Information

  • Gender
    Male
  • Ripple Address
    Zedy44

Recent Profile Visitors

3,338 profile views
  1. I’m watching oversold alts or alts which missed the recent run up in the same proportions as xrp / Xlm / ada. Plenty of money to be made as new money flows into underpriced (or presumed underpriced) alts.
  2. Reached out to both. Cred gave me standard mumbo jumbo. Uphold at least acknowledged with... “We are working with Flare to finds ways to distribute Spark to Cred XRP holders, when we know more about the Cred's situation we will post here:”
  3. Next thought...since they are technically in chapter 11 they should still be operating with intent to continue the business and resolve their debts in some manner. Cred is technically supporting the Flare Network airdrop to XRP holders on Dec 12th. I wonder if they'll honor this airdrop assuming they still have some semblance of a pulse on the 12th.
  4. Well my losses (theoretically) continue to pile up given the recent rise in XRP valuation. It's crazy to think had they survived another 6 weeks they probably could have gotten themselves out of the bankruptcy hole with their bullshit ponzi of taking in assets and the recent rise across the board in digital assets. Maybe they can stay the course with chapter 11 (really our best chance I think) now that their balance sheet is improving every day (though their losses would increase too, right?).
  5. There was some descriptions I found indicating tokenization of game credits so they probably started with this ludicrous idea of pay to play loans for apps at 40% interest (makes zero sense unless apps are gambling apps) and then tried to create micro loans for in-game currencies. But it’s China and I figure this is one area that’s highly under-regulated because microloans are a very popular thing in China. Just look at that whole Ant IPO fiasco from a few weeks ago.
  6. Yes this appears to be what has happened. This means they were likely unable to reorganize in such a way to keep the business in a reasonable operating mode given the missing money, lawsuits, and day-to-day operational costs (not to mention the complete lack of support of any incoming investor money at this point). So getting money out of the liquidation will be near impossible. My only hope is Uphold recovers *some* monies from suing them on behalf of those of us who used their yield earn product, but I've already considered my deposits as a complete loss at this point.
  7. Good read up here for some finer details about what likely went on in the background -- https://www.coindesk.com/bad-loans-bad-bets-bad-blood-how-crypto-lender-cred-really-went-bankrupt Basically our money was gambled away on high interest microloans in China and then when that model began to collapse they started to try and target derivatives and made some bad investment plays. I think when everything went badly in March they effectively became a ponzi. A lot of focus is now on Nexo and Celsius and how they are modeling their business behind closed doors. Should be interestin
  8. Yea there is multiple cases of fraud. I don’t know if the SEC or CFTC can go after these folks, but if any of the money has a link to money laundering or any kind of tax evasion the feds will go hunting. For the CEO to suggest this whole thing stems from the mismanagement of the management funds (300 BTC) and the 800 BTC lost to quant is just a smoke screen. They went ahead and tries to gamble and win it back after they knew they lost it. Sad stuff. Just glad I didn’t get family or friends involved in this one.
  9. Yeah seems like the June lawsuit was a drop in the bucket. If they really have liabilities in that range they probably pyramid schemed their clients money into failing investments.
  10. Alright so $3mil loss due to stupidity in hiring. Could have been worse, but not sure how locking down the inflow/outflow at this point really does anything if this case has existed since July 2020. @NightJanitor thanks for sharing.
  11. Another email today with a little bit more information. Confirmed fraud and not a hack.
  12. From Bitgo: What is covered? The $100 million policy covers digital assets where the private keys are held 100% by BitGo Trust Company or BitGo, Inc. in the event of: Third-party hacks, copying, or theft of private keys Insider theft or dishonest acts by BitGo employees or executives Loss of keys Though I’ll note I suggested Cred has a likely employee committing fraud it might not be the exact case, but either way it’s highly unlikely for Bitgo to be the ones at fault given the wording they used of “accounting irregularities”. It sounds like som
  13. But doesn’t Bitgo only hold cold storage funds? So if someone is physically taking assets it’s more than likely not on the Bitgo end of the equation and not covered by the insurance? At least this is what I thought everyone who complains about the reported “insurance” says.
  14. So the insurance won't buy us anything since it is internal fraudulent activity. Question is if they are insolvent as a company due to multi-million dollar fraud or did someone siphon off $70k to buy a tesla? The first scenario we lose everything as they'll liquidate in bankruptcy court and our money will go to corporate creditors and investors + LBA drops to zero. If it's the second scenario we probably get our principle money back depending on extent of fraud, but maybe not for months and likely without any interest payments + LBA takes a big hit and no one partners with Cred again.
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.