 | EDIT 2: Credit where credit is due. CDC have now manually reapproved the top post, as per this staff response: https://np.reddit.com/r/Crypto_com/comments/t9pkdl/time_for_another_ama/hzx4g2o EDIT: This post went straight to the top of the CDC sub - then the Mods removed it. So not only are CDC untrustworthy, but they're now censoring (accurately) critical posts on their own sub: Disclaimer: I’ve been a serious cheerleader for CDC for almost two years (check my post history). Until the past week, they could literally do no wrong in my eyes. But I’m starting to see that they are sneaky and becoming more untrustworthy by the day. As per the title of this thread - Yes, you read that right. Forced Liquidations from your Spot Wallet. Yesterday CDC were happily handing out Crypto loans on their Exchange at a balmy 8% APY. Yet today, they decided they’d rather not – and gave any borrower 7 days to repay their loan(s). e.g. if someone had taken out a 10K loan last week (at 8%) and then placed it straight into Earn (USDC 14%) with a three-month stake, they would be absolutely fucked right now because of CDC's incompetent and ridiculous communication. 7 days to repay a loan that THEY were happy to make just 24 hours ago. Yes, most us know that they trading on leverage is a bad idea, but it seems many were happy to borrow at 8% and then stake in Earn at 14%. I’m the opposite luckily – USDC staked in Earn and (currently) no borrowing as the market is a mess right now. I think it’s important that we draw as much attention to this as possible as ANY exchange which decides to treat loyal users in this way deserves to be called out and publicly shamed. Crypto.com do a LOT of things right (Cards, Marketing, Sponsorships, Partnerships, PR, etc). But they are starting to seriously wrong foot users and making some very penny-pinching, illogical decisions which make them look shady as fuck. End of rant : )) Proof (+ it's all over the CDC sub) [link] [comments] |
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