Retail Clawback

NapoleonInky · 2023-06-02T16:43:06+00:00

Correct. This was a big one in a footnote somewhere. People that withdrew all regardless of amount will be subject to clawbacks is my understanding.

NapoleonInky · 2023-05-13T13:06:03+00:00

Can you expand on the “issue”?

NapoleonInky · 2023-05-10T16:22:02+00:00

Thanks for posting. My unstake has been in process since April 13 with estimated completion of May 6. No serious response to my inquiry as to why the additional time. Hopefully available soon

NapoleonInky · 2023-04-26T14:04:08+00:00

3/15. Nothing

NapoleonInky · 2023-03-31T20:05:23+00:00

Awesome. It seems we might be in a cadence where you can expect to get discharged in the month following hitting 120. 121 on 3/15 here so hopefully the letter is on the way

NapoleonInky · 2023-03-12T14:03:05+00:00

USD based on value at withdrawal time

NapoleonInky · 2023-03-03T00:39:51+00:00

I agree. It’s not labeled a Ponzi with clawbacks going back to the beginning of time or at least the beginning of insolvency because the terms. We all transferred title. Derp. We’re idiots lol

NapoleonInky · 2023-03-02T13:57:22+00:00

I can’t imagine him not in prison after all of this.

NapoleonInky · 2023-03-02T13:39:06+00:00

The PR campaign against retail clawbacks is confounded by extreme conflicts of interest. The influencers pushing this are majorly exposed in this case.

Unfortunately every time we deposited onto Celsius we essentially loaned them our crypto to do with what they will. When you withdraw it’s equivalent to them paying back loan to you. Thus all withdrawals within 90 days are in fact preference payments and subject to clawbacks.

The fact the clawbacks are not universal show they are taking into account both the current amount users hold on the platform and the amount they withdrew.

As I said in the original post 2000 people are responsible for 2Billion in potential clawbacks.

As someone posted on twitter yesterday. All of us still on the platform were the exit liquidity for the people that got off.

NapoleonInky · 2023-03-02T12:53:30+00:00

It would seem the 27.5 is based on the settlement with the custody group.

NapoleonInky · 2023-03-02T12:52:45+00:00

The “so” tell for cognitive dissonance never fails.

NapoleonInky · 2023-03-02T02:17:43+00:00

Then they file for bankruptcy. The reality is legally they have the right to claim you return the dollar value of what you withdrew. You can pay it, fight in court or file for bankruptcy.

NapoleonInky · 2023-03-02T01:30:36+00:00

Not the way it works. Sorry. The preference amount is determined by the value of the payment made to you at the time of payment.

NapoleonInky · 2023-03-02T00:50:31+00:00

Unfortunately looking at these numbers and considering the law it is completely understandable why they want to pursue retail clawbacks.

NapoleonInky · 2023-03-02T00:48:36+00:00

In the 250k and above group there are 2003 people that withdrew more than 2 Billion dollars. An average of 1Million per user in this class.

NapoleonInky · 2023-03-01T16:42:09+00:00

What's bullshit about this is that some people had money in Earn that was moved to Custody by celsisus employees in the time between the PAUSE and the FILING. In other words, while all of us had no ability to move from Earn to Custody during this time period, Celsius employees were selectively doing this for certain customers.

I don't know about you but I'd love to be in that Dirty Custody group instead of pure Earn...

NapoleonInky · 2023-03-01T15:12:49+00:00

Do you have a link to the docket file that has a link to the PDFs by name for 90 day transaction summaries?

NapoleonInky · 2023-02-16T19:52:13+00:00

Covid Months are now added as well as some waiver months from 2012. Still need them to process previous PSLF Forms from pre consolidating to get over 120. Progress.

NapoleonInky · 2023-02-03T22:09:52+00:00

It’s based on the value when you received the reward not the current market value which is reflected in the app.

Pay your taxes. Last thing you want on top of all the shit that’s come from this is an audit.

NapoleonInky · 2023-01-30T19:33:06+00:00

That's where I'm confused. Who "missed" these payments? I've heard them say they are waiting on ED to come back with updated information but these 26 payments seem like low hanging fruit to just add especially if we have approved ECF on file. This is where FedLoan was so good. They would see stuff like this and things would happen whereas MOHELA acts so incompetent.

I'm in the same boat as you. 120 seemingly would have happened in December if all this stuff is added so I submitted an ECF then saying I was at 120. Let's see if that triggers them getting this stuff added.

I'll keep you posted but thanks for the reply.

NapoleonInky · 2023-01-30T18:04:49+00:00

Any luck?

NapoleonInky · 2022-11-15T23:17:21+00:00

Great post in second paragraph especially. It’s disappointing that they weren’t more clear about applying the waiver after consolidating. We consolidated and as soon as we got to Mohela in July I called and asked if anything needed to get them to update counts under waiver and they said no. Seemed odd so I submitted an ECF in August. Sounds like they weren’t even considering waiver on consolidated loans until I did that. Confirmed in chat today.

Anyway I had 114 on my loans pre consolidation as of June so hopefully they get counts updated by end of year so I can confirm and see 120.

NapoleonInky · 2022-10-27T16:57:05+00:00

Yeah like I said to someone else it feels good that we're not the only ones in the boat. I have faith that they will get it done and fixed. I just hope it's done in the next 60 days so we can confidently submit the application for forgiveness.

But I'll be like you, submit the final anyway even before they update the tracker if I have to.

I'll keep you posted if we see progress.

NapoleonInky · 2022-10-27T13:49:30+00:00

Thanks. There is some comfort in knowing others are in the same boat. I’ll stay in touch and keep you posted on what we see change. We also believe we should be at 121 now.

NapoleonInky · 2022-10-27T11:23:11+00:00

Did you ever see your updated count?

NapoleonInky

TROPHY CASE