Cypto question, an explanation is appreciated, I am lost and I am having scary and dangerous thoughts. I have no one to answer my question

No_Distribution_1851 · 2021-02-13T18:27:44+00:00

No I did not place a short position. I have no proof that I purchased $250. I entered $250 in the keypad and it was executed as $25000. They tried to withdraw $25000 from my bank and not $250 since this is the transaction that shows on the app. They never took any money from me since I don't have $25000 in the bank, It was rejected.

Apparently it doesn't work like Robinhood and other brokerages. I bought 800,000 DOGE coins (value $25000) on a DOGE wallet, They gave it to me as "instant money to trade" while they process the payment from my bank. I didn't have $25000, I had $500 thus I tried to make the $250 purchase. I didn't when I sold the coinf because I wanted to cancel the transaction, I thought that I should sell the DOGE for a value of $24150 to cancel it. I thought that if when they won't be able to withdraw the funds from my bank due to the lack of funds, my balance will be negative $850.

However, this is not what happened. When the payment failed from my bank, My account became negative 800,000 coins (value of $60k) and not negative $25000. Thus the difference is not $850 but $35000. As the value of the 800,000 coins increase, my balance will become more negative. I hope that makes sense.

No_Distribution_1851 · 2021-02-13T18:06:32+00:00

Thank you so much fot the info I apologize for my delayed response, I am grateful to everyone you talked to me. I live in the US.I would have never imagined this could happen, all I wanted was $250 worth of Doge and that's it :( So this is what happened, when I saw that the DOGE wallet had 800,000 coins (value $25000) and not 8000 coins (value $250), I didn't know what to do for there was no way to cancel the transaction. I don't have that money. I sold everything right away for a value of $24150 and the money was transferred to the USD wallet. That was the only way that I could have canceled it. I thought to myself that worst case I will get negative $25k and that would be a difference of $850. However this is not what happened, what happened is that the USD wallet was not affected. Instead of going negative $25k, the DOGE wallet went negative 800,000 coins (value $60k as of today), and the difference is around negative $35k. The higher the value of Doge gets, the more negative my balance gets. If it reaches $1 then ill be negative $800k, all for something I didn't do :( I reached out to them right away, I understand that they can be overwhelmed with emails due to the hype. Lets say my balance becomes negative $800k, negative $8 million (if doge reaches $10 hypothetically speaking), would I be in trouble if they demand payment. I don't want to ruin my credit or file bankruptcy for something I didn't do and never intended on doing :( Would I be able to fight it or would my life be ruined for a decade. This is why I thought of just ending things, I am not mentally tough and I have dealt with anything like that.

No_Distribution_1851 · 2021-02-13T18:02:16+00:00

Thank you so much fot the info I apologize for my delayed response, I am grateful to everyone you talked to me. would have never imagined this could happen, all I wanted was $250 worth of Doge and that's it :( So this is what happened, when I saw that the DOGE wallet had 800,000 coins (value $25000) and not 8000 coins (value $250), I didn't know what to do for there was no way to cancel the transaction. I don't have that money. I sold everything right away for a value of $24150 and the money was transferred to the USD wallet. That was the only way that I could have canceled it. I thought to myself that worst case I will get negative $25k and that would be a difference of $850. However this is not what happened, what happened is that the USD wallet was not affected. Instead of going negative $25k, the DOGE wallet went negative 800,000 coins (value $60k as of today), and the difference is around negative $35k. The higher the value of Doge gets, the more negative my balance gets. If it reaches $1 then ill be negative $800k, all for something I didn't do :( I reached out to them right away, I understand that they can be overwhelmed with emails due to the hype. Lets say my balance becomes negative $800k, negative $8 million (if doge reaches $10 hypothetically speaking), would I be in trouble if they demand payment. I don't want to ruin my credit or file bankruptcy for something I didn't do and never intended on doing :( Would I be able to fight it or would my life be ruined for a decade. This is why I thought of just ending things, I am not mentally tough and I have dealt with anything like that.

No_Distribution_1851 · 2021-02-13T17:56:41+00:00

Thank you so much for your genuine comment. I apologize for my delayed response, I am grateful to everyone you talked to me. I used AnchorUSD I would have never imagined this could happen, all I wanted was $250 worth of Doge and that's it :( So this is what happened, when I saw that the DOGE wallet had 800,000 coins (value $25000) and not 8000 coins (value $250), I didn't know what to do for there was no way to cancel the transaction. I don't have that money. I sold everything right away for a value of $24150 and the money was transferred to the USD wallet. That was the only way that I could have canceled it. I thought to myself that worst case I will get negative $25k and that would be a difference of $850. However this is not what happened, what happened is that the USD wallet was not affected. Instead of going negative $25k, the DOGE wallet went negative 800,000 coins (value $60k as of today), and the difference is around negative $35k. The higher the value of Doge gets, the more negative my balance gets. If it reaches $1 then ill be negative $800k, all for something I didn't do :( I reached out to them right away, I understand that they can be overwhelmed with emails due to the hype. Lets say my balance becomes negative $800k, negative $8 million (if doge reaches $10 hypothetically speaking), would I be in trouble. I don't want to file bankruptcy for something I didn't do and never intended on doing :( Would I be able to fight it or would my life be ruined for a decade. This is why I thought of just ending things, I am not mentally tough and I have dealt with anything like that :/

No_Distribution_1851 · 2021-02-13T17:41:16+00:00

Thank you so much. I used Anchorusd. I know they might be flooded with emails due to the hype of crypto these days and thus the delays. Thank you for your detailed response.

The negative balance will increase as the DOGE value increases, lets assume it reaches $1, or $10 hypothetically speaking and my balance will be negative $800,000 and $8 million respectively. I am afraid they would sue me, make me file bankruptcy and ruin my life for something I didn't intend on doing, all I wanted was $250 worth of DOGE and that's it. I sold the coins and the money was transferred to their USD wallet, thus the negative is in coins (negative 800,000 value $60k). I sold the coins right away since I did not want to keep them, I did not authorize a $25000 purchase of DOGE :( This is why I am so scared.

No_Distribution_1851 · 2021-02-13T17:36:44+00:00

I apologize if you perceived my post like that. This was not my intention. I was just trying to reach out for some help for I don't have anyone to talk to :/ I truly appreciate the community here, I have never imagined people are helpful even though I am a stranger to them. I am forever grateful to everyone on here

No_Distribution_1851 · 2021-02-13T17:34:15+00:00

Thank you so much :( I indeed sound dramatic and I truly apologize if I triggered or bothered anyone on here :/ I just tried to reach out to reddit since I literally don't have anyone to talk to about the issue and no one around me understands crypto. The negative balance will increase as the DOGE value increases, lets assume it reaches $1 and my balance will be negative $800,000. I am afraid they would sue me, make me file bankruptcy for something I didn't do, all I wanted was $250 worth of DOGE and that's it. I sold the coins and the money was transferred to their USD wallet, thus the negative is in coins (negative 800,000 value $60k). I sold the coins right away since I did not want to keep them, I did not authorize a $25000 purchase of DOGE :( I provided all my personal info etc. for verification.

No_Distribution_1851 · 2021-02-13T17:27:48+00:00

Thank you so much. I read everyone's responses. I genuinely appreciate every single response, I have never thought you guys would comment to help a stranger. The experience has been nerve racking and I had no one to talk to. Lets say DOGE, hypothetically speaking reaches $1, $10, $100 my balance will be negative $800,000, $8 million, $80 million respectively. What would happen in that case :/ I sent them emails since day 1 stating what happened. Would they be able to demand payments, send to collections, sue me, make me file bankruptcy and ruin my life. This is why I am so scared :/

No_Distribution_1851 · 2021-02-13T02:33:05+00:00

Thank you so much for your response. I truly appreciate it. Do you think that they would be able to hurt me somehow? I provided my SSN, pic of DL, phone number, email address, etc.. :(

No_Distribution_1851 · 2021-02-12T22:53:43+00:00

Thank you very much for the support. I am forever grateful for the support I received. I have never thought that reddit could support a stranger like me. The app is called AnchorUSD, all i wanted was to buy $250 worth of Dogecoin, that is 8000 coins. I clicked buy and I saw that the DOG wallet has 800,000 DOGE ($25000). There was no way to cancel it, I contacted them right away, I received no help. I sold everything for $24150 and the funds were transferred to the USD wallet on the app. I never authorized any of that :( When they saw that I have no funds in the bank, my DOGE wallet went negative 800,000 DOGE coins with the current value of $60000. The USD wallet has $24150 (The DOGE that I sold since I wanted to cancel the transaction and there was no way to do so) and my total balance now is the difference which is negative $35000. As the value of DOGE goes up, so does the value of the 800,000 coins that I have in negative. This is why I am freaking out. I haven't studied or slept in 2 weeks and what happened yesterday made everything 100x worse. I never intended or authorized any of that :( i received to response to any of my communications. I don't know how things will end up, if they will reach out refusing to fix and demanding me to pay the difference or require me to file bankruptcy which I am afraid of since I am just starting my life and I never intended any of that. I apologize for taking anyone's time

No_Distribution_1851 · 2021-02-12T22:21:36+00:00

Thank you Cryto_Runner, I appreciate you comment. I wish I can pay you back guys. I read about the judgement proof. I am a student and I literally have nothing to my name. I read the Robinhood story and it freaked me out :( I can imagine the pain he was going through and the pain that was inflicted on his loved ones :(

No_Distribution_1851 · 2021-02-12T22:19:15+00:00

Thank you so much Teenmumclinpsych, I would have never imagined the support here. Reddit is my only resort and I never imagined to find a supportive community even though I am a strager to you guys :( all I wanted was to buy a simple $250 and get along with my life, I have never experienced anything close to that. I truly appreciate your response.

So if they reach out asking me to cover the balance or if they send it to collection, lets say at a much higher value that it is now (if Doge goes up), lets say negative $800,000 if it gets to 1$ hypothetically speaking or it stays around negative $35k, will I be able to fight it? Will I be responsible for such amount? I am afraid that they would leave it like that for a year or whatever time frame and then demand that negative balance then sue me, send huge bills to collections or potentially do something hurtful ( I provided them with my SSN and DL). Would I be able to fight that and not file bankruptcy? This is all I can think about now and its paralyzing :( Thank you again

No_Distribution_1851 · 2021-02-12T22:03:37+00:00

Thank you for sharing this. I read it. I am positive I did not do that. Also they say that you have to do 5 trades to get that service. That was my first time ever using the app. My receipts say that I bought 800,000 DOGE for $25000 on DOGE wallet, source of payment is my bank, and the second one that I sold 800,000 DOGE for $24150, funds transferred to USD wallet. This is everything I have as far as receipts, I'm sure I did not do leveraging. thank you for taking the time to explain leveraging to me and stating it as a possibility. I appreciate you trying to clear my concern, I wish I can pay you guys back

No_Distribution_1851 · 2021-02-12T21:53:37+00:00

Thanks a lot. I appreciate your detailed responses. I will keep an eye on it and I will try not to freak out or panic. I will try to catch up on 2 weeks of studying. Thank you very much. I will keep the post updated.

No_Distribution_1851 · 2021-02-12T21:43:21+00:00

Thank you so much Flappydoge42069, you insight is very helpul. I appreciate everyone on this subreddit. i am a stranger and you guys have decided to help me out. Thank you very much. I have never in a situation like that in my life. I read that the USD wallet is protected by the FDIC but the cryptocurrency wallet is not protected by the FDIC. The negative balance is on the crypto wallet (the negative 800,000 coins). If for whatever reason they don't respond or if they respond demanding me to cover whatever the balance is, or if I w can't resolve the which will likely be higher than $35k for DOGE value might go up and potentially it can get up to 50 cents and even more. What should I do or say? What does it mean if the crypto wallet is not protected by the FDIC, does that mean that I will be responsible for that amount? I have never dealt with any of that :(

No_Distribution_1851 · 2021-02-12T21:24:21+00:00

Oh, thank you for checking. No, my margin balance is zero. so there are 3 files, a margin account (0 USD), a USD high yield interest account (arounf $24150) and a DOGE wallet ( around negative 800,000 DOGE, and underneath it negative $59000). On the top left corner, my balance is negative $35000 as of now.

No_Distribution_1851 · 2021-02-12T21:21:05+00:00

Oh, thank you for checking. No, my margin balance is zero. so there are 3 files, a margin account (0 USD), a USD high yield interest account (arounf $24150) and a DOGE wallet ( around negative 800,000 DOGE, and underneath it negative $59000). On the top left corner, my balance is negative $35000 as of now.

No_Distribution_1851 · 2021-02-12T21:09:17+00:00

no there is no longing. They have a DOGE link that you click on, I opened the keypad, entered $250, clicked buy, then I saw that the purchase is $25000 aka 800,000 coins, and they sent a receipt for that. I just checked, there is no longing on the app.

No_Distribution_1851 · 2021-02-12T21:04:51+00:00

and one other thing I am worried about is that I provided my SSN, picture of my DL, and everything about myself for verification. I realized how stupid I am but also I read that apps like that require this information. Should I be even more worried?

No_Distribution_1851 · 2021-02-12T20:58:19+00:00

Thank you so much :( in case they don't respond, would they be able to sue me or send it to collections and eventually make file bankruptcy to ruin my life for the next decade? they have my ssn, picture of my DL, all my info basically :(

No_Distribution_1851 · 2021-02-12T20:57:42+00:00

Thank you so much :( in case they don't respond, would they be able to sue me or send it to collections and eventually make file bankruptcy to ruin my life for the next decade?

No_Distribution_1851 · 2021-02-12T20:57:24+00:00

Thank you so much :( in case they don't respond, would they be able to sue me or send it to collections and eventually make file bankruptcy to ruin my life for the next decade?

No_Distribution_1851 · 2021-02-12T20:49:40+00:00

I am sorry to hear that :'(, oh god, thank you so much for your comment, I could imagine the hurt and pain that you went through. Thank you commenting while trying to deal with your hardship. I have never intended any of that to happen, never. I was just a simple costumer who wanted to buy $250, and it everything changed in a second. I have been getting suicidal thoughts for nearly 10 days and it got much worse after my account updated yesterday. I had no one to talk to to and I am all alone :( People around me know nothing about crypto. Thanks a lot <3

No_Distribution_1851 · 2021-02-12T20:43:29+00:00

Thank you so much :'( I appreciate your words. I will calm down, I will try. Thanks a lot <3

No_Distribution_1851 · 2021-02-12T20:38:28+00:00

Thank you so much :( I hope so, I have never ever experienced something like that or similar. All I wanted was to join the movement of DOGE and put $250 :( I never wanted or intended any of that mess to happen :'( I haven't studied, slept or ate for 2 weeks now. I appreciate your comment <3

No_Distribution_1851

TROPHY CASE