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Celsius, Hodlnaut, Voyager. Millions of customers realizing not your keys, not your coins, while CFO to be paid $92K USD monthly.

By Netzien | Netzien | 8 Aug 2022

Hello friends, Wow, the news from Celsius, Hodlnaut, and Voyager - is stunning, upsetting, and sad. People are learning fast, not your keys, not your coins.

Look, blockchain technology is not going anywhere. However, neither are scammers, bad-decision makers, and people focused more on their bankroll than yours, namely people in positions of power at these companies

Celsius - 


The quotes from an article on Coinmarketcap today reading below for Celsius should be a wake-up call for everyone.

Not your keys, not your coins!

Bankrupt crypto lender Celsius Network has rowed back on attempts to rehire its chief financial officer and pay him $92,000 a month. Rod Bolger had resigned on June 30, two weeks after the company abruptly halted all withdrawals in a shock announcement. News of the plans to give the ex-CFO such an astronomical paycheck during a time of financial turmoil would have gone down badly with the estimated 1.7 million people who have been unable to access any of their funds for almost two months. Investors who are suing Celsius were furious about the proposal. They claim there was "little detail" to justify why Bolger should be brought back, and that he had given false information to customers days before withdrawals were paused.

I remember about 7, or 8 months ago. I was in a Rite-Aid, picking up laundry soap. The clerk and I started talking about crypto. He had everything he owned essentially on Celsius, and mainly in Bitcoin, to get a good interest rate. Heck, I was abundantly sold on the idea and his enthusiasm increased my desire to try it. I never got hooked up with Celsius in a stroke of luck, but I certainly was using it as an example to anyone who would listen of how much better than having funds with normal centralized bank savings accounts, that Celsius could be. Now, I am glad I did not push the idea too hard on anyone. I would hate to be a "financial adviser" with some actual liability for recommending such a platform. 


From the same article on Celsisus: Court filings have previously confirmed that 300,000 Celsius customers have a balance of more than $100, and Celsius is currently grappling with a $1.2 billion black hole in its finances.


Voyager - 


Another situation that does not look good. In the last day or two, Voyager Digital has announced that it will allow customers to withdraw cash from Thursday — but there's still no sign of when users can claim their crypto.


It took me a minute to remember, but this is one of Mark Cuban's projects, or at least he was an investor and promoting it heavily during a promo sign-up bonus period. An article here: entitled: "Mark Cuban Caught in Bankruptcy of Crypto Lender Voyager" details some ins and outs. I personally lost a lot of respect for Mr. Cuban on this.


Voyager was another platform, that just by way of being spread a little too thin I personally never participated in.

I tried to get the free sign-up bonuses many months ago but honestly can not remember at what step in the process I bailed out and decided not worth it, or because KYC would not work, etc. Luckily, no funds of mine are there.

"Voyager has admitted that customers may not receive all of their cryptos back, and this will hinge upon how successful it is in recovering assets from 3AC (source here)."

Concerning quotes from Voyager customers read like below:

"I don't give a crap about the $10 I have sitting in USD. I want my $20,000 that’s sitting in my crypto investments that are frozen and can’t do anything with!"

"Wow! That $13 is really going to make up for the thousands in crypto you won’t give back."


One Voyager user claimed having transferred $70,000 into USD Coin only 1 day before accounts were frozen — funds he now cannot retrieve.

NOT YOUR KEYS NOT YOUR COINS - is this beginning to make sense? 

Any word or statement from Mark Cuban on Voyager-related dealings? Should be interesting given prominence. 

Hodlnaut -

 In the last couple of days, Hodlnaut has emerged as the latest crypto-lender to announce it is halting withdrawals. Bitcoin maximalists and advocates of cold storage warned of these scenarios many, many times


From an article on CoinMarketCap: Hodlnaut has become the latest crypto lender to announce it is halting withdrawals with immediate effect - the drastic move blamed on "recent market conditions." Customers were told that the process of unfreezing accounts may be a long one, with Hodlnaut adding: "We understand that this is disappointing news and understand its impact on you." A recovery plan is in the works, but another update is not expected until August 19. Users will continue to earn interest on deposits every week, but this may be a hollow gesture. This is another huge blow to everyday crypto investors, and figures from Hodlnaut suggest that the firm has $500 million in digital assets under management."

500 million in customer assets! Wow. That is crazy. I am having flashbacks to all the Carlos Matos and Bitconnect tragedies that ensued after that debacle. 


12.73% interest on Bitcoin holdings sounded so juicy.

Hodlnaut warned the process of reuniting users with their funds "will not be a short process." Sure was a short process when money was going in. 

Maybe, overall, this is a good thing from a longer-term perspective. With every one of these scenarios, yea, "a good thing," those are dirty words, but......, it will force some measure of regulation. It certainly keeps pushing me in the direction of being a Bitcoin maximalist and leaning towards cold storage. Let's hope the regulators participate, that they do not overextend though.


Certainly, I think this will open the eyes of investors leaving crypto in third-party hands.

I avoided any tragedy here, and I am sympathetic to anyone that got hurt. There may have been some aspect of greediness, but not really for most people, especially because of recent years and financial downturns. Most people just wanted a little more food on the table.

And, what we all really wanted was better than 0.1% on our savings in centralized banks. 

If you are affected, I hope there is a viable resolution for you soon.

Remember, if something seems too good to be true - it could be the case. Logic over emotion!

Until next time, folks, remember to protect ya neck and get your most important crypto assets into cold storage if you can. 


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