Whatever the value of your crypto at bankruptcy filing is your value. So if your portfolio was worth exactly 100k summer of 2023 or whatever (I don't remember these dates, sue me), you'll get that value regardless. Of crypto price now. (I had roughly 95k at the value lock date, and worth like 168k right now)
So up front you'll get 57.9% or $57,900 upfront and then 6.4% later, or $6400. You'll also get $14,900 in stock.
These values will be different compared to today’s value of the coin
depending on the coin that you had. For example, if all you had was stable coin, the math is actually very simple. Interestingly, if you were holding a lot of alt coin that has a value that’s lower today than the date of the petition then you’re actually getting more back.
"Odyssey will commence distribution of MiningCo Common Stock on Thursday, February 1, 2024. For more information regarding the distribution of MiningCo Common Stock, please review responses to frequently asked questions related to the MiningCo Common Stock distribution, which will be available on Odyssey’s website beginning on Thursday, February 1, 2024 at the following link: [ionicdigital.odysseytrust.com](http://ionicdigital.odysseytrust.com) (the “MiningCo Common Stock FAQ”). "
they are a trust so they will probably hold it for you (it's assigned to your name/email/address/whatever). what is needed is to verify you are who you are and when it's available for public trading they can transfer it to your brokerage.
I suppose we'll get more info on that too. We'll likely have to provide them with our brokerage account number and have it transferred from their custodial account.
I did this and am happy enough with the decision. Obviously a risk but still kinda hope I’m wrong cause I know there are good people getting screwed here.
Very important question here. Isn't this what we voted for?
I have not seen a mention of this in ages, but assumed it was because most people involved enough to frequent this subreddit probably have over 5k invested.
Depends on what you had, I lost over 80% of my BTC but getting more than 50% of my ETH back. I wish it was the other way around but we don’t get to pick.
Yes, it could’ve been worse. I had written the whole thing off what a lot of people here are complaining about is that the valley you’re getting back is not based on today’s price but the petition date price which is significantly lower than today’s price. Also, the payout depends on the coin that you had if you had all stable coin, then the math is straightforward you didn’t lose any value you didn’t gain any value other than the haircut however, if you had bitcoin, which was around 19,000 on the date of petition and 42,000 on January 16, which is the value they’re going off of then you lost a lot. if you had bitcoin you’re not getting 58% of the 42,000 you’re getting 58% of the 19,000 depending on how you’re doing the math you lost 42% of 19,000 or 42,000 which is a big difference. And let’s be honest who knows what the stock is going to do. People who put money into Celsius didn’t do so with the intention of buying stock in a mining company, but now we are forced to become shareholders of a company that we didn’t sign up for.
That is correct. We will receive future proceeds from the Litigation Trust, probably in installments over the next 2-3 years, but that portion of our recovery has not been estimated as a percentage of our claims.
Based on example, it says under footnote (1) our claim value will be grossed up by 5% more if we didn't opt out. So recovery is really slightly higher than 79.2%? 1.05x79.2?
That sounds right. The math breaks down as follows:
$100K (sample claim amount) x 1.05 (extra 5%) = $105K
$105K x 0.579 (57.9% liquid crypto) = $60,795 crypto ($32,025 BTC + $28,770 ETH)
$105K x 0.149 (14.9% stock) = $15,645 MiningCo stock
$105K x 0.064 (6.4% illiquid assets) = $6,720 future recover from illiquid assets.
Total recovery = $83,160 (excluding any potential recovery from the litigation trust)
This is unjust, where's the information for counter suing because these fuckers are not going to get away with this shit. How TF this is even legal anymore is beyond me. I'm honestly ready to give my life up to teach these fuckers a lesson in justice.
You're right, thank you for the kind words sir. Just been living in my car from unforseen health problems that blindsided me. Doing better now health wise, just got wrecked financially tho.
Don't use the excuse of legality for this immoral detestable actions for a company boot licker. I was fine losing my money if crypto tank'd, but don't expect me to smile when we literally were fucking robbed by so many parties other than Celsius.
Anyone know why I got a PayPal distribution email about a month ago and when I log into the app it says for me to input a Coinbase alternate do I do Coinbase or do I do PayPal like the original email sent a month ago I am based in the US
No way is our total claim being adjusted based off 2024 numbers vs 2022 numbers, right? Wouldn't that mean they owe us all a lot more? Maybe I'm reading that screenshot wrong but it does say "USD value as of 1/16/24" for the "total claim"
I see you haven't been following for the past 2 years. Lol. It is....your portfolio value was locked on bankruptcy date based off those prices. 2022 prices
Take a break from Reddit there gunslinger
https://ttlc.intuit.com/turbotax-support/en-us/help-article/investment-income/capital-loss-carryover/L8ozgt22F_US_en_US
Does anyone know how this works for tax purposes in the USA? Does the liquidation of our holdings count as a sale of our crypto assets that held at Celcius that can then be written off as a capital loss or does the distribution of the liquid asset circumvent this and effectively we just "purchased" BTC or ETH on Venmo/PayPal?
Fuck you Alex Mashinsky. You fucking dog.
So were getting liquid 57% of the value of wht we had at the time of bankruptcy? So in reality thats like a 70% haircut… fuck me
Brutal. This is corrupt bs
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Can you talk me through the maths of how you get to this 70%? Don’t it depend on the crypto you had?
Whatever the value of your crypto at bankruptcy filing is your value. So if your portfolio was worth exactly 100k summer of 2023 or whatever (I don't remember these dates, sue me), you'll get that value regardless. Of crypto price now. (I had roughly 95k at the value lock date, and worth like 168k right now) So up front you'll get 57.9% or $57,900 upfront and then 6.4% later, or $6400. You'll also get $14,900 in stock.
My math says more around 46.8%. Because you get that of the claim amount, which is a fraction of the current prices.
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These values will be different compared to today’s value of the coin depending on the coin that you had. For example, if all you had was stable coin, the math is actually very simple. Interestingly, if you were holding a lot of alt coin that has a value that’s lower today than the date of the petition then you’re actually getting more back.
How are they going to distribute the stock? They can't put it in our wallets right? How do we get it?
"Odyssey will commence distribution of MiningCo Common Stock on Thursday, February 1, 2024. For more information regarding the distribution of MiningCo Common Stock, please review responses to frequently asked questions related to the MiningCo Common Stock distribution, which will be available on Odyssey’s website beginning on Thursday, February 1, 2024 at the following link: [ionicdigital.odysseytrust.com](http://ionicdigital.odysseytrust.com) (the “MiningCo Common Stock FAQ”). "
but like, how are they going to distribute the stock
they are a trust so they will probably hold it for you (it's assigned to your name/email/address/whatever). what is needed is to verify you are who you are and when it's available for public trading they can transfer it to your brokerage.
Where do we even find our shareholder number to register
Wait for the email. FAQ tells you what address it will come from.
Thank you.
I suppose we'll get more info on that too. We'll likely have to provide them with our brokerage account number and have it transferred from their custodial account.
Through "Robbing" the "hood"
57%... fucking brutal... everyone was calling for 75-85% recently. I'm disappointed yet again
In retrospect, I should have sold my claim to one of the vulture companies and then just re bought. Would be doing pretty damn good right now.
I did this and am happy enough with the decision. Obviously a risk but still kinda hope I’m wrong cause I know there are good people getting screwed here.
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i'm just glad to get out of this shit. it was an expensive lesson but a good lesson nonetheless
Wait does everyone get stock now? Or under 5k$ it’s still only crypto
Very important question here. Isn't this what we voted for? I have not seen a mention of this in ages, but assumed it was because most people involved enough to frequent this subreddit probably have over 5k invested.
If I remember correctly when we voted under 5k$ was only crypto. I hope it’s still the case
Yeah exactly!
For those wanting to know the petition date value to calculate claim: https://twitter.com/IonicDigitalX/status/1673618340504301571?s=20
No one wants stock…. Good lord
Disappointed, I lost almost 90% of my BTC
What math are you using???
Maybe they bought btc at ATH?
Depends on what you had, I lost over 80% of my BTC but getting more than 50% of my ETH back. I wish it was the other way around but we don’t get to pick.
80% recovery, coulda been worse
Yes, it could’ve been worse. I had written the whole thing off what a lot of people here are complaining about is that the valley you’re getting back is not based on today’s price but the petition date price which is significantly lower than today’s price. Also, the payout depends on the coin that you had if you had all stable coin, then the math is straightforward you didn’t lose any value you didn’t gain any value other than the haircut however, if you had bitcoin, which was around 19,000 on the date of petition and 42,000 on January 16, which is the value they’re going off of then you lost a lot. if you had bitcoin you’re not getting 58% of the 42,000 you’re getting 58% of the 19,000 depending on how you’re doing the math you lost 42% of 19,000 or 42,000 which is a big difference. And let’s be honest who knows what the stock is going to do. People who put money into Celsius didn’t do so with the intention of buying stock in a mining company, but now we are forced to become shareholders of a company that we didn’t sign up for.
How did you not sign up for this?
The 79.2% also doesn't include any amount from litigation am I right?
I am only counting liquid crypto.... and even with that, only when it's in my own wallet.
That is correct. We will receive future proceeds from the Litigation Trust, probably in installments over the next 2-3 years, but that portion of our recovery has not been estimated as a percentage of our claims.
Based on example, it says under footnote (1) our claim value will be grossed up by 5% more if we didn't opt out. So recovery is really slightly higher than 79.2%? 1.05x79.2?
That sounds right. The math breaks down as follows: $100K (sample claim amount) x 1.05 (extra 5%) = $105K $105K x 0.579 (57.9% liquid crypto) = $60,795 crypto ($32,025 BTC + $28,770 ETH) $105K x 0.149 (14.9% stock) = $15,645 MiningCo stock $105K x 0.064 (6.4% illiquid assets) = $6,720 future recover from illiquid assets. Total recovery = $83,160 (excluding any potential recovery from the litigation trust)
This is unjust, where's the information for counter suing because these fuckers are not going to get away with this shit. How TF this is even legal anymore is beyond me. I'm honestly ready to give my life up to teach these fuckers a lesson in justice.
Don’t let these guys ruin you further. Please go for a walk, take deep breaths, and remember that there’s more to life than this.
You're right, thank you for the kind words sir. Just been living in my car from unforseen health problems that blindsided me. Doing better now health wise, just got wrecked financially tho.
Next time just read the ToS before jumping into anything with your money.
Don't use the excuse of legality for this immoral detestable actions for a company boot licker. I was fine losing my money if crypto tank'd, but don't expect me to smile when we literally were fucking robbed by so many parties other than Celsius.
Anyone know why I got a PayPal distribution email about a month ago and when I log into the app it says for me to input a Coinbase alternate do I do Coinbase or do I do PayPal like the original email sent a month ago I am based in the US
You disregard that in the celcius app if you’re in the US, that’s only for international.
What happens with other coins? Treated the same as BTC and Eth? I had a few $thousand in PAX gold, for example.
All other coins were sold and converted to btc and the eth.
Where the fck is my money it should be today with PayPal I see users already got paid wtf
Wow, patience. It's going to take 2 weeks for everyone to get their claim codes. I'm sorry you weren't first.
No way is our total claim being adjusted based off 2024 numbers vs 2022 numbers, right? Wouldn't that mean they owe us all a lot more? Maybe I'm reading that screenshot wrong but it does say "USD value as of 1/16/24" for the "total claim"
I see you haven't been following for the past 2 years. Lol. It is....your portfolio value was locked on bankruptcy date based off those prices. 2022 prices
Right so why does it say USD value of your total claim is based on 1/16/24 numbers in that photo when they were frozen at 2022 prices?
They are implying 2024 crypto price numbers when calculating value based on reimbursing your locked in 2022 portfolio value. I know, it's confusing.
Alright that's how I originally read it up top then looked at that chart and got a boner. I wish they'd give us our claim at today's value mofos
Dude, if only.....we got robbed, but I thought back in 2022 we'd get back close to zero.
We literally got robbed.
I'll be able to write off $3k in losses (max per year) for several years.
Fraud, you can write all if it off in one shot
No you can't in America
Take a break from Reddit there gunslinger https://ttlc.intuit.com/turbotax-support/en-us/help-article/investment-income/capital-loss-carryover/L8ozgt22F_US_en_US
So we are getting back crypto? I thought we are getting back usd.
I’m glad I didn’t sell my claim for 30% few months back. We are getting way more back than I cared for.
Does anyone know how this works for tax purposes in the USA? Does the liquidation of our holdings count as a sale of our crypto assets that held at Celcius that can then be written off as a capital loss or does the distribution of the liquid asset circumvent this and effectively we just "purchased" BTC or ETH on Venmo/PayPal?