ANNOUNCEMENT
March 23, 2023 MyConstant Update
Dear MyConstant Users,
As of 22 March 2023, we have distributed around $770,000 out of $1.1M planned for 1st distribution) to 851 customers (out of 5,574 customers).
As you can see, we still have a significant number of customers (84.8% of total customers) that have not responded or reached out to us to update their information for distribution.
We urge that you do so in the next 30 days for us to complete the 1st distribution.
Sincerely yours,
The MyConstant TeamFebruary 24, 2023 MyConstant Update
Dear MyConstant Users,
The first distribution is happening.
After a week, there has been around $500,000 distributed to users.
If you are still waiting for the distribution, please confirm your balance and update your bank information as instructed via email. Please note that you need to provide your bank information in order to receive payment.
Should you need any further support, please contact us at hello@myconstant.com.
It might take some time for us to respond.
Thank you for being patient in the meantime.
Sincerely yours,
The MyConstant TeamFebruary 14, 2023 MyConstant Update
Dear MyConstant Users,
Thank you for being patient.
To follow up on the previous update, we are unable to process crypto payments as expected because many users are unfamiliar with crypto and cannot provide a wallet.
Despite the difficulties of processing payments without PrimeTrust, we do our best to make ACH payments available.
To proceed, please follow the instructions sent via email.
The first distribution will begin on February 15th, 2023.
Please keep in mind that the balance you confirmed earlier only includes fiat and stablecoins. It has not included cryptocurrency yet.
We may take some time to respond to emails and if there is a delay, it will not affect your right to claim the distribution.
Once again, we truly apologize for the inconvenience.
Sincerely yours,
The MyConstant TeamFebruary 03, 2023 MyConstant Update
Dear MyConstant Users,
Here are some questions to help you better understand USDC:
USDC (USD Coin) is a stablecoin pegged to the value of the US dollar. It was created to provide a digital alternative to traditional fiat currency, allowing for instant and secure transfer of value on blockchain networks like Ethereum. USDC is backed by actual US dollars held in reserve, ensuring a stable exchange rate of 1 USDC to 1 USD.
USDC was created by the fintech company Circle and the cryptocurrency exchange Coinbase. These two companies joined forces in 2018 to launch the stablecoin and have since worked together to promote its widespread adoption. The USDC project is governed by the Centre consortium - an independent organization that governs the development and maintenance of the USDC stablecoin. The consortium is responsible for ensuring the stability and security of USDC and maintaining its 1:1 peg to the US dollar.
USDC is regulated as a stored value instrument (just like a pre-paid card). Stored value products are regulated under state money transmission laws. As the issuer of USDC, Circle is subject to oversight by 46 state regulators, which conduct frequent exams of Circle’s activities.
Reserves are reported to the states pursuant to money transmission laws. Circle, and hence the reserve, is audited by Grant Thornton, a leading global accounting firm. Further, every month, Grant Thornton attests (i.e., verifies publicly) that the reserve balance equals the USDC in circulation.
The assets backing USDC are prescribed by the state regulators which provide companies like Circle a list of permissible investments in which the USD backing USDC can be invested. These are the same laws that protect the fiat money customers hold at Coinbase or Paypal. These laws are essentially customer protection laws, designed with the clear purpose of ensuring that the stored value is safe.
To summarize, USDC is regulated and has reserves that comply with state licenses and have a proven track record of stability, and receiving USDC has the same monetary value as receiving USD.
It is also highly recommended to create a Coinbase account to receive USDC. They provide free USDC to USD conversion and the process is quick and simple.
Before processing, MyConstant will send you a confirmation email to ensure that all of the information is correct.
Should you need any further assistance, please contact us at hello@myconstant.com.
Thank you for being patient.
Sincerely yours,
The MyConstant TeamFebruary 01, 2023 MyConstant Update
Dear MyConstant Users,
Please provide your Wallet address as instructed so that you can be added to the whitelist and receive the distribution later. It should be noted that only whitelist addresses are eligible for withdrawal and it has to be an ERC20 wallet.
Sincerely yours,
The MyConstant TeamJanuary 06, 2023 MyConstant Update
Dear MyConstant Users,
Following the Customer Committee Meeting on December 28th, 2022, we are revising the plan and expect to schedule a meeting with them next week, along with the development of a new recovery plan.
Sincerely yours,
The MyConstant TeamDecember 20, 2022 MyConstant Update
Dear MyConstant Users,
The Q&A has been sent to all users today. Please check your mailbox for further information.
Thank you for being patient.
Sincerely yours,
The MyConstant TeamDecember 15, 2022 MyConstant Update
Dear MyConstant Users,
Thank you for being patient in the meantime.
We have sent out the updated plan to all users today. Please check your email for further details.
Should you have any questions, please do not hesitate to contact us at hello@myconstant.com.
Sincerely yours,
The MyConstant TeamDecember 14, 2022 MyConstant Update
Dear MyConstant Users,
• Crypto-backed Loans: MyConstant will continue to administer these loans, including ensuring borrower compliance, processing loan repayments, returning borrowers' collateral (when their loans are paid in full), and liquidating borrowers' collateral in the event of default. Borrowers can reach out to hello@myconstant.com when the loans mature.
• Updated Plan: We will share the updated plan based on our discussion with the top 15 users to all users by Dec 16, 2022. The updated plan includes financial overview, liquidation schedule, estimated recovery, and next steps.
• Customer Committee: Form the Customer Committee composed of 5 members elected by the Top 15 Customers among the Top 15 Customers. The Plan and all distributions are based on the principle of fair and equitable treatment among customers regardless of the size of their claims. As such, this will be the basis upon which the Customer Committee will operate. We believe this Committee structure provides an alignment of interest that would benefit all Customers.Please also note that the identity of the Committee Members will be published.
Sincerely yours,
The MyConstant TeamDecember 11, 2022 MyConstant Update
Dear MyConstant Users,
We do appreciate all of the contributions from the largest customers to the initial plan posted on November 30, 2022.
Taking all of your feedback into consideration, we have updated a new plan. The ultimate target is to maximize users' recoveries within the shortest possible amount of time.
As a part of the plan, we will also form the Customer Committee composed of 5 members elected by our users. The large investors will either volunteer to serve on the Customer Committee or nominate someone else by Dec 16, 2022.
Sincerely yours,
From MyConstant teamNovember 30, 2022 MyConstant Update
Dear MyConstant Users,
The first round of discussion has begun.
Our largest investors are invited to join the first round of discussions at https://www.myconstant.com/discussion-forum. The discussion will include a presentation of our financial situation, the substance of our proposed Plan, and consideration of other options (i.e., alternatives to the Plan).
The first round of discussions will be held for 7 days from 12/1/2022 - 12/7/2022 for the large investors to post their questions.
The discussion shall take place in the form of a Closed Discussion Forum, which is only available to whom received the invitation.
While our initial discussions are with the largest customers, please be assured our plan is to provide the same treatment for all customers (regardless of the size).
We will continue to update you as we move along the process to try and maximize our customers' recovery value.
Sincerely yours,
From MyConstant teamNovember 25, 2022 MyConstant Update
Dear MyConstant Users,
We would like to provide you the following updates since our last email on the Q&As.
We have scheduled a limited discussion forum for the largest customers on our proposed Plan to implement an orderly liquidation to maximize and expedite customer recoveries. This discussion will commence on November 30, 2022, and include a presentation of our financial situation, the substance of our proposed Plan and consideration of other options (i.e., alternatives to the Plan). The purpose of this discussion is to ensure that any final proposed Plan (and consideration of alternatives) reflects input from our largest customers whose interests are aligned with the rest of the customers. Our goal is to present to all customers a final proposed Plan or other courses of action that has sufficient support from the largest customers. We hope to conclude our discussions with the largest customers within the next three weeks; at which point we will report back to you on next steps.
While our initial discussions are with the largest customers, please be assured our plan is to provide the same treatment for all customers (regardless of the size).
We will continue to update you as we move along the process to try and maximize our customers’ recovery value.
Sincerely yours,
From MyConstant teamNovember 17, 2022 MyConstant Update
Dear MyConstant Users,
Given the collapses of several cryptocurrencies so far this year and the rapidly deteriorating market conditions that have been prompting heavy withdrawals across all crypto lending and crypto exchange platforms recently, we are sad to inform you that we are unable to continue to operate our business as usual. As such, we are limiting our business activities, including pausing user withdrawals as allowed under our Terms of Service. No deposit or investment request will be processed at this time.
Our team is working diligently towards our objective of maximizing value for all of our Users, and our top priority continues to be to protect your interests. As we explore all options available to us, we will provide updates to you as we go.
We hope to communicate with you within the next 10 business days on the next steps to address the situation. We appreciate your patience in this trying time.
Sincerely yours,
From MyConstant team
How does MyConstant investing work?
When you invest with us, you first send your funds to our custodial partner Prime Trust, an accredited US financial institution.
We then lend on your behalf to collateralized borrowers, liquidity pools, and decentralized exchanges in return for interest.
When you’re ready to withdraw, Prime Trust will process your withdrawal request. There is no charge or fees for fiat (USD etc) withdrawals. You'll keep the interest you earn up to the moment you withdraw your funds.
You can choose our instant access account or invest for a fixed term. Our instant access account has a 24-hour term that’s automatically extended every 24 hours unless you choose to disable the product or withdraw your funds.
All account statements for MyConstant investment products are stated in USD equivalent terms at all times.
Is CONST LLC a bank?
Please note that CONST LLC (hereafter referred to as “we”, “us”, or “Company”) is not a bank or deposit account, nor is it a regulated financial institution. No interest will be paid on any funds or other assets held in your MyConstant account and all assets directly held by us are not insured by us or, except as set forth below, any third party or any government agency.
We work with independent third-party financial institutions such as Prime Trust to provide cash management for the fiat deposits. When not on loan, the fiat deposits are held in one or more depository accounts at US banks or trust companies whose deposits may be insured.
