MyConstant official logo
Log in

ANNOUNCEMENT

  Jan 06 2023

January 06, 2023 MyConstant Update

Dear MyConstant Users,

We want to keep you up to date on the latest happenings.

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.

We will keep you informed as soon as possible.


Sincerely yours,

The MyConstant Team
  Dec 20 2022

December 20, 2022 MyConstant Update

Dear MyConstant Users,

We have received feedback from several Customers on the Plan sent out last time.
Hence, Q&A attempts are necessary to address common questions we received as well as clarify a number of matters that may not be clear in the Plan.

The Q&A has been sent to all users today. Please check your mailbox for further information.

If you do not receive the email or need any further assistance, please contact us at hello@myconstant.com.
It may take longer to respond than before due to increased volume of inquiries as well as reducing customer service staff on our end.

Thank you for being patient.


Sincerely yours,

The MyConstant Team
  Dec 15 2022

December 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 Team
  Dec 14 2022

December 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 Team
  Dec 11 2022

December 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 team
  Nov 30 2022

November 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 team
  Nov 25 2022

November 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 team
  Nov 17 2022

November 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