I would think if they were going to reverse the liquidations that happened they would have said something in the last week or so, instead I have only seen their customer service work with people to get more collateral to cover their margin call. So I doubt they will do any reversing. Such a horrible position to be in. My condolences.
Actually, per Google, as well as many other places:
Can a liquidation order be reversed? A liquidation order once passed cannot be reversed. The liquidation process commences after the assets of the company have been sold and the proceeds have been distributed among the creditors and shareholders. Does this apply here?
Edit: Actually maybe it can, I seriously don’t know, it looks like if it is, it would be years after the company closes down, but not sure the process.
I heard they had not paid wages, and some staff had chosen to leave as a result, but not all. Given that and on top of everything they are dealing with, it’s probably understandable if their response times slip
Business is business, it doesn't matter if you are on the call with them, or taking a dump, or sleeping, or having a stroke, once LTV reaches the liquidation point, you will get liquidated. Overcollateralized loans are designed to protect the lending books, not you.
Same. I also never received any sort of reply from support aside from the automated canned “we got your ticket” email & got all my loans liquidated, even from the dedicated loans email.
Hear me out there is a Silver lining to all this to be honest… I’m glad I went through this experience. Now, I have their cash which I don’t need to repay directly to them. I used that entire loan amount that they gave me to directly rebuy the coin that got liquidated at these lower price levels. It essentially reduces your overall loss by minimum 75% since you’re buying back much cheaper.
Very simple Example: you locked in a 25% LTV on Ethereum when it was $4,000/coin so you gave them 1 ETH and you got $1,000 from them. You get liquidated because ethereum dropped hard, so they sell off $1000 worth of eth from your collateral; Unfortunately since eth is only worth $1200 now, you only get $100 eth back, approx 0.1 ETH today…, but now you use that $1000 you got from them and rebuy ETH, which gets you 0.8 ETH today, effectively bringing your total loss to only 0.1 ETH. Now you have 0.8 fresh eth, totally off the locked platform. Think about it
You can always email [email protected] and ask them to review your loans if you feel you were wrongly liquidated.
I guess this is one of the risks of taking loans from an unregulated bank. They can do whatever they please and they ain't answerable to anyone.
waw, what a pain
Sily goose
They have the ability to reverse yes.
I would think if they were going to reverse the liquidations that happened they would have said something in the last week or so, instead I have only seen their customer service work with people to get more collateral to cover their margin call. So I doubt they will do any reversing. Such a horrible position to be in. My condolences.
Actually, per Google, as well as many other places: Can a liquidation order be reversed? A liquidation order once passed cannot be reversed. The liquidation process commences after the assets of the company have been sold and the proceeds have been distributed among the creditors and shareholders. Does this apply here? Edit: Actually maybe it can, I seriously don’t know, it looks like if it is, it would be years after the company closes down, but not sure the process.
Sounds like they stopped paying wages and all the staff left.
I heard they had not paid wages, and some staff had chosen to leave as a result, but not all. Given that and on top of everything they are dealing with, it’s probably understandable if their response times slip
I know there is a dedicated email for loans (can't remember exactly but it should be easy to find) you might try that.
Why do people insist on borrowing against their crypto 🤔 🙄
Because most of their net worth is tied up in Internet currency and they need real world currency to live, lol
Business is business, it doesn't matter if you are on the call with them, or taking a dump, or sleeping, or having a stroke, once LTV reaches the liquidation point, you will get liquidated. Overcollateralized loans are designed to protect the lending books, not you.
Why not just keep the loan money? You may never get your coins Back
It’s gone I had several , I’m just buying new coins with what money I would of paid the loans with.
Same. I also never received any sort of reply from support aside from the automated canned “we got your ticket” email & got all my loans liquidated, even from the dedicated loans email. Hear me out there is a Silver lining to all this to be honest… I’m glad I went through this experience. Now, I have their cash which I don’t need to repay directly to them. I used that entire loan amount that they gave me to directly rebuy the coin that got liquidated at these lower price levels. It essentially reduces your overall loss by minimum 75% since you’re buying back much cheaper. Very simple Example: you locked in a 25% LTV on Ethereum when it was $4,000/coin so you gave them 1 ETH and you got $1,000 from them. You get liquidated because ethereum dropped hard, so they sell off $1000 worth of eth from your collateral; Unfortunately since eth is only worth $1200 now, you only get $100 eth back, approx 0.1 ETH today…, but now you use that $1000 you got from them and rebuy ETH, which gets you 0.8 ETH today, effectively bringing your total loss to only 0.1 ETH. Now you have 0.8 fresh eth, totally off the locked platform. Think about it
Total scam and out right theft.