Crypto.com Progress Report 📈

HODLer's Den

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Disclaimer: Nothing in this report constitutes investment advice—I am just reporting on my accounts and its progress on each platform. You should not use this report to make financial decisions. I recommend you seek professional advice from someone who is authorized to provide investment advice.

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Hey everyone and welcome to the HODLer’s Den!

Here you will find information on my crypto investment portfolio straight from a HODLer’s perspective.  This section will focus on HODLing cryptos and interest-earning platforms.

Crypto.com

Global Crypto Owners Near 300 Million, Predicted to Hit 1 Billion by the End of 2022

• The analysis, conducted by Crypto.com’s research team, found that the global crypto population increased by 178% in 2021, with crypto users totaling almost 300 million.

• The number of crypto users is expected to break one billion by the end of 2022.

• Crypto adoption was remarkable in the first half of 2021. Heavyweight institutions, such as Tesla and Mastercard, took steps to embrace cryptocurrency.

• In March, Visa collaborated with Crypto.com to settle payments in crypto. Later in the year, El Salvador introduced legislation that will make it the world’s first sovereign nation to adopt Bitcoin as legal tender.

• Bitcoin drove much of the growth and outperformed Ethereum adoption in the latter half of 2021.

Crypto.com Hack & Next Steps

• On 17 January 2022, Crypto.com learned that a small number of users had unauthorized crypto withdrawals on their accounts. Crypto.com promptly suspended withdrawals for all tokens to initiate an investigation and worked around the clock to address the issue.

• No customers experienced a loss of funds. In the majority of cases we prevented the unauthorized withdrawal, and in all other cases customers were fully reimbursed.

• The incident affected 483 Crypto.com users.

• Unauthorized withdrawals totaled 4,836.26 ETH, 443.93 BTC and approximately 66,200 USD in other currencies.

• 2FA tokens for all users worldwide were subsequently revoked to ensure the new infrastructure was in effect.

• We have mandatory 2FA policies on both the frontend and backend to protect users during this revocation phase, as outflows such as withdrawals have a requirement to setup and use 2FA in order to withdraw.

• Crypto.com introduced an additional layer of security on 18 January 2022 to add a mandatory 24-hour delay between registration of a new whitelisted withdrawal address, and first withdrawal.

• Users will receive notifications that withdrawal addresses have been added, to give them adequate time to react and respond.

• Full audit of the entire infrastructure has been conducted internally with a number of improvements being implemented to further harden the security posture.

• Crypto.com will be releasing additional end-user security features as we move away from 2-Factor Authentication and to true Multi-Factor Authentication (MFA), providing added strength for our global user base.

• Crypto.com is introducing the Worldwide Account Protection Program (WAPP). WAPP offers additional protection and security for user funds held in the Crypto.com App and the Crypto.com Exchange.

• WAPP is designed to protect user funds in cases where a third party gains unauthorized access to their account and withdraws funds without the user’s permission. WAPP restores funds up to 250,000 USD for qualified users; terms & conditions apply.

• To qualify for the WAPP program, users must:

  1. Enable Multi-Factor Authentication (MFA) on all transaction types where MFA is currently available,

  2. Set up an anti-phishing code at least 21 days prior to the reported unauthorized transaction,

  3. Not be using jailbroken devices,

  4. File a police report and provide a copy of it to Crypto.com; and

  5. Complete a questionnaire to support a forensic investigation.

Interest Earned

In the last 4 weeks, my portfolio lost about 60k USD in value.

My Crypto Earn portfolio is down 36% in the last 4 weeks.  You can track my earnings progress on the four major interest-earning platforms that I use by checking out this Google Spreadsheet.

A large chunk of my Crypto Earn portfolio is in BTC (Bitcoin) and ETH (Ethereum) so it makes sense. BTC is currently sitting at 35.1k USD while ETH is at 2404 USD.

CRO is currently hovering around 0.33 USD.

You can use the Interest Rate Tracker to find the best APR rates across several platforms to fit your HODLing needs.

CRO Earnings

If you have been following my Crypto.com reports, you know that I have been moving my CRO onto Osmosis to earn a yield. I used to have my CRO staked on the DeFi Wallet app to earn about 13% APR—which is not bad.

But on Osmosis, I am earning over 90% APR which is almost 10 times more than what I can earn from staking on DeFi Wallet. However, I have to pool CRO with ATOM or OSMO and there is a 14-day unbonding period to unlock the higher APR on Osmosis.

Conclusion & Prospect

Almost everyone is hurting right now. Both the crypto and stock market took a nose dive this past week and the future looks bleak. If you are new to crypto, I understand your pain seeing the red numbers grow larger and larger. However, if you have been in crypto for quite some time this should not phase you any longer.

Don’t get me wrong, I still feel the pain, but I know the market will recover. No one knows how long until we hit recovery, but like every single correction in the past a HODLer need not to worry as much.

It is unfortunate the the Crypto.com hack happened around the same time as the market decline. I mentioned before the crypto is a new technology and it is still riddled with possible ways to get hacked. The benefit of using a CeFi platform is that most of the time they will absorb the losses for the users.

With DeFi, the gains are phenomenal but good luck getting your funds back if you get hacked. I suggest trying to balance CeFi and DeFi to optimize your yield performance and risk tolerance. With most CeFi platforms shifting into DeFi, users will eventually earn better yields with less risk.

As long as Crypto.com continues to build and expand, I will continue to use the platform to earn a yield and dollar cost average into cryptos at discounted prices. They were transparent about the hack and responded promptly in addition to adding on extra layers of security.

I still have a positive prospect for 2022 so I will keep on HODLing.

Each week I will report on a different interest-earning platform that I use—mainly, Celsius Network, Bitrue, Crypto.com, and BlockFi.

If you are new to crypto or have considered joining new platforms, check out the Starter Pack created by CryptoOneStop by clicking here or if you want to earn over 250 USD in referral bonuses then click here.

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What I Am Doing

This section is dedicated to paid subscribers as I will go into details of what moves I am making with my interest-earning portfolios.