Crypto has been on a downtrend since 2021 and has suffered lots of bearish news this year. The latest being that Celsius has frozen withdrawals and Three Arrows facing possible insolvency. As much as Hodlnaut has distanced themselves from Celsius and Three Arrows, one can’t help but wonder about the interconnectedness of these crypto-lending platforms.
It is only natural that some investors have gotten cold feet. And while I had shilled Hodlnaut previously, I thought it’s a good time to cash out just to play it safe. It’s also less sensible to hold on to so much risk when they have reduced the APR for USDC to 9%. For the record, it was previously 15%.
So here’s a quick report.
We started on 12 Sept 2021, with a one-time deposit of US$1,000 (via USDC) into my wife’s account and was awarded with a deposit bonus of 20 USDC. And started earning meagre interest from there. It also got slightly interesting when we won $50 of BTC in a contest sometime in August and we started earning in BTC too.
My account was solely used for referrals. Depending on the deposits by my referrals, I earned in BTC, ETH, DAI and USDC. After converting all the commission and interest earned, I accumulated 190.74417 USDC and paid a 10 USDC withdrawal fee.
All in, it was 1,338.2162 USDC from 1,000 USDC. That’s a 33.8% yield over 9 months, which is annualised to 45%. I doubt we can find anything like that in the current climate, so it’s better to get out while I’m ahead.
Anyway, it was a fuss-free transfer from Holdnaut to CDC and I had to wait for at most an hour for the funds to be in. There wasn’t anything to be worried about because the transfer was acknowledged on both ends.
I swapped my USDC for SGD and transferred it to the fiat wallet that I had earlier set-up in CDC. (To do this set-up, you need to transfer at least S$1 from your bank account to the fiat wallet to link them together. Quite straightforward!)
Thereafter, it was a transfer from SGD in CDC to my DBS bank account via FAST. Within an hour, the funds were in my account, which brings me to the first time I’m cashing out profits entire crypto capital since I started investing in crypto back in 2018.
So it does mean that everything I’ve put into crypto currently are pure profits that I can get less hung up about. But the next step would probably be to start looking for options that I can make the crypto earn more for me too, and hopefully help me to write off other investments that haven’t been performing as well!
What you are using to cash out your crypto?
Making Cents 