I received this email from Crypto.com on Oct 14 announcing they’ve slashed rates effective Oct 13. They sent me this email after the change was made! No warning, nothing.
Essentially, staking rewards have gone from 16% (18%) to 6%.
Here is the email in its entirety:
Dear Valued Customer,
On Tuesday 13 October 2020, 09:00 UTC, adjustments were made to Crypto.com CRO Staking and Earn Rates:
• CRO Staking Rates: 6% p.a. for both Crypto.com App and Exchange
• CRO Earn Rates: 4% p.a., 2% p.a. and 1% p.a. for 3-Month, 1-Month and Flexible Terms respectively
• CRO Soft Staking Rate: 1% p.a. regardless of CRO staked
• If you are already staking 10,000 or more CRO for the Crypto.com Card before the effective timestamp, your CRO Staking Rewards will remain at 16% p.a. until the 180-day staking period is complete. If you complete your 180-day staking period before the above effective timestamp, your CRO Stake Rewards will be adjusted to 6% p.a. immediately on the effective timestamp.
• If you stake 10,000 or more CRO for the Crypto.com Card after the effective timestamp, you will receive 6% p.a. of CRO Staking Rewards.
• Your CRO interests generated from Crypto.com Earn fixed-term deposits made before the effective timestamp will remain at up to 18% p.a. until the staking period is complete.
• If you are already staking CRO on the Exchange before the effective timestamp, your CRO Staking Interest will remain at 20% p.a. until the 180-day staking period is complete.
• If your CRO staked is matured and ready to be unstaked before the effective timestamp, your new CRO Staking Interest will be 6% p.a. after the effective timestamp.
• If you actively stake more CRO, receive Deposit Bonus or Early Swap Bonus after the effective timestamp, you will receive 6% p.a. for the entire amount of CRO staked.
• The 1% p.a. CRO Soft Staking interest is effective for October 14’s calculation and payout.
Many in the community has voiced their displeasure at how they have handled the communication.
Crypto.com got ways to screw over their 5m users for “future” customers. Tons are leaving because of the changes that were made with zero notice. I won’t be surprise if you get banned cos you raised one of their unfair practice./r/CryptoCurrency/
I don’t know, but I would withdraw all my funds from there ASAP. If they don’t give a fuck about charging 30% fees and censoring their own clients they don’t give a fuck about a lot of other things./R/CRYPTOCURRENCY/
To be clear, it is not that they lowered interest rates that made me stop believing and supporting them. It is because they did all this without giving its customers prior notice. Their customer support is atrocious and not helpful.
They think they’ve created a moat in the crypto space and have an ambitious plan of hitting 100 million customers within 5 years. There are a lot of competitors in this space that offer the same services and have much better customer support. Not to mention all other defi projects that give high double (sometimes triple) digit interest rates. I wish them good luck as a ex-customer.