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If you have money in Lofty.ai, get it out

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by COINS NEWS 94 Views

I was the person who warned about Celsius being insolvent and got absolutely reamed for it. Another thread referencing the original.

One of the major warning signs was that Celsius suddenly started layering on a lot of super annoying procedures to withdraw money from the platform. Mandatory "verified" withdrawal addresses, mandatory delays on withdrawals...basically putting roadblocks on top of any method of getting money out of their system, while depositing was instant and required no additional authentication.

Lofty.ai, a tokenized real-estate investment platform, has recently (they've never done this) started requiring Authy/2FA authentication, and email 2FA code verification to withdraw funds via ACH to previously-confirmed bank accounts from their platform. Why would you require verification to withdraw money to a confirmed account?

I've never seen a platform start putting roadblocks in for withdrawals that wasn't on the verge of bankruptcy/insolvency.

I threw ~$1,200 into Lofty to test it out. To be fair, they've paid out (via ACH)......$20.47 so far.

The catch is that in order to completely vacate the platform, you have to sell your shares to another potential buyer.

I might be wrong (hopefully so), but I don't get a good feeling about them now.

submitted by /u/vocatus
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