Attention Socios.com US Users The Migration is Here!

By Cje95 | Chronic Illness and Crypto | 8 Mar 2023

I have previously covered the upcoming Socios.com app migration for US users. While the US version of the app has been around now for months it did not have any additional functionality compared to the international version. Today I received an email from Socios.com that was surprising as it was a reminder that the migration event is TOMORROW March 8th.

In the email additional information was given and I believe shows that you need to move your CHZs off of the app before the migration. The way that CHZ is going to be transferred could easily burn hodlers as

"If you have consented to the migration but did not transfer out your $CHZ by March 8th, 2023, then we will convert your $CHZ to USD market equivalent at the time of the migration. We will then credit your account on the Socios.com US App with the relevant USD amount"

This means that US users are exposed to getting burned with price changes during this time and could end up with much less or more than they initially had. It is my opinion that it is not worth the risk and is better to just lock in what you have now. Socios.com has lowered the withdrawal amount to 1 CHZ so you can move your CHZs!

As I have mentioned before the US app will be a closed ecosystem meaning that your Fan Tokens and other digital assets that you earn or purchase will not be able to be transferred to the international version. The current address of your CHZ wallet will actually be deactivated so be sure to not send any CHZ to your wallet either! During the migration, a new wallet address will be generated for you and your assets will be placed there.

Overall the migration will be in progress for 23 days from March 8th to March 31st. During that time I am not exactly sure what the experience will be like but I know that all of your stats will be reset along with where ever you are in the leaderboards. While I do look forward to being able to purchase fan tokens again I am not looking forward to this new closed ecosystem that US users are going to be forced into.

Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_

Fold App

Offers daily wheel spins to win free sats daily! If you sign up for Fold with my link here you will get 20,000 sats for free!

Robinhood

Robinhood is offering an excellent signup deal if you use my link here where we will both be awarded free stock. All that you have to do is sign up and connect your bank account for the award! With commission-free crypto trading and the ability to set limit orders, it is a great hybrid offering in my opinion! Not to forget the addition of wallets and the ability to send and receive crypto!

Unstoppable Domains

Blockchain Cryptocurrency News NFTs Chiliz (CHZ) Fan tokens

How do you rate this article?

Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_

Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.