Asset treatment ledger
Terms risk
Track whether deposited assets were treated as customer-owned, platform-owned, unclear, product-dependent, or unknown.
- Terms classes
- 4
- Terms records
- 32
- Platforms
- 32
- Unknown
- 7
Terms class
Platform-owned
| Platform | Affected product | Confidence | Interpretation | Notes |
|---|---|---|---|---|
| BitConnect Lending ProgramCentralized yield platform · Operations ended | BitConnect Lending Program | Medium | Customer deposits were exposed to BitConnect program risk rather than treated as a simple segregated custody balance. | Classification is based on the enforcement record and lending-program structure. |
| Midas InvestmentsCentralized yield platform · Operations ended | Midas yield accounts and managed strategies | Medium | Midas users relied on platform-managed yield accounts and were exposed to platform balance-sheet, strategy, and wind-down treatment rather than holding assets in a segregated, user-controlled smart-contract position. | Classified as platform-owned / platform-managed exposure for registry purposes because the closure involved centralized account balance adjustments and strategy losses communicated by the platform. |
| FreewayCentralized yield platform · Operations ended | Freeway Superchargers | High | Freeway customers purchased platform-controlled Supercharger simulations and depended on the platform or affiliated entities to repurchase them. The arrangement did not provide direct segregated ownership of the underlying trading portfolio represented by the product. | Classified as platform-owned exposure for registry purposes because customer exit depended on platform buy-backs and later creditor treatment in the AuBit International liquidation. |
| Linus FinancialCrypto interest account · Operations ended | Linus Interest Accounts | High | The SEC order states that Linus took complete control of investor assets, pooled them, retained ownership and control over the borrowed assets, and decided how much to hold, lend, and invest. | This classification follows the SEC's description of the product structure and applies to the Linus Interest Accounts covered by the order. |
| CredCrypto interest account · Operations ended | CredEarn and related customer balances | High | Cred accepted customer cryptocurrency and deployed it through company lending and hedging arrangements; customer balances entered the Chapter 11 claim process. | Platform-owned classification reflects the reviewed business model and bankruptcy treatment, not one guaranteed priority or recovery rate for every claim. |
Terms class
Unclear
| Platform | Affected product | Confidence | Interpretation | Notes |
|---|---|---|---|---|
| BTCJamBorrow/lend platform · Operations ended | BTCJam peer-to-peer bitcoin loans | Medium | BTCJam exposure depended on peer-to-peer borrower repayment and platform marketplace mechanics. | Use unclear classification because public sources do not provide a full aggregate recovery dataset. |
| MyConstantBorrow/lend platform · Operations ended | Loan Matching Service, Crypto-Lending Platform account, and Instant Access account | High | MyConstant required customers to place funds into platform-managed products and pooled at least part of the Loan Matching Service funds. Public regulatory and settlement materials do not support one universal ownership classification for every product and customer claim. | Keep the platform-level classification unclear because custody, pooling, product terms, private-plan treatment, and settlement claims differed across products and customers. |
| DelioCentralized yield platform · Bankrupt | Delio crypto savings, lending, and staking products | Medium | Delio marketed centralized deposit, savings, lending, and staking products under platform custody or administration. Public sources reviewed for this batch do not establish one ownership classification that safely applies to every product, token, and bankruptcy claim. | Keep the platform-level classification unclear until bankruptcy records or product-specific terms establish whether particular customer assets are held in trust, treated as property claims, or subject to another legal classification. |
Terms class
Unknown
| Platform | Affected product | Confidence | Interpretation | Notes |
|---|---|---|---|---|
| Babel FinanceInstitutional lending · Restructuring | Babel institutional lending, managed assets and prime-finance claims | High | The Singapore court materials establish a group scheme and creditor-classification process, but they do not support one universal ownership or priority rule for every Babel lending, asset-management and prime-finance claim. The 2023 scheme judgment treated one contested trust or secured-claim theory as, at best, an unsecured personal claim, but that reasoning should not be generalized to all customers without product-specific documents. | Unknown is retained deliberately. Product terms, contracting entity and claim basis may affect treatment under the scheme. |
| BlockFillsInstitutional lending · Restructuring | BlockFills client deposits, institutional financing balances, and trading accounts | High | Public reporting confirms a client-transfer halt and restructuring process, but does not yet establish a complete account-by-account ownership, priority, or recovery framework for BlockFills balances. | Keep unknown until direct restructuring, court, or customer-claim documents establish treatment and priority. |
| StablegainsCentralized yield platform · Operations ended | Stablegains stablecoin yield account | Medium | Stablegains customer asset treatment remains legally contested and product-specific. Public material supports a platform-managed conversion and yield strategy, but does not justify one universal ownership classification for every customer claim. | Keep terms status unknown until a court decision, settlement document, or authoritative product-specific legal analysis establishes customer ownership and claim treatment. |
| HodlnautCrypto interest account · Operations ended | Hodlnaut interest and yield account balances | Medium | Hodlnaut depositor treatment is liquidation-dependent in this record. | Use unknown rather than forcing a terms conclusion. The platform halt and liquidation are clear, while product-level asset ownership treatment requires stronger proceeding records. |
| VauldCrypto interest account · Restructuring | Vauld customer balances, yield accounts, and lending claims | Medium | Vauld customer treatment depends on the creditor protection and restructuring process. This record does not establish product-level asset ownership treatment. | Keep terms status unknown until the creditor process can support a stronger product-level classification. |
| Haru InvestCentralized yield platform · Withdrawals suspended | Haru Earn products and custodial balance products | Medium | Haru Invest customer treatment depends on the legal and claims process. Current public sources do not establish a reliable ownership classification. | Use unknown because the customer outcome is tied to unresolved legal and claims processes. |
| CoinLoanCeFi lending · Bankrupt | CoinLoan interest accounts, deposits, loans and collateral claims | Medium | The official CoinLoan bankruptcy notices establish insolvency proceedings and creditor-list administration but do not resolve whether every deposit, interest-account balance, loan claim and collateral category receives identical ownership or priority treatment. | Unknown is retained deliberately. A stronger product-level classification requires CoinLoan terms or court materials addressing asset ownership and claim priority, not only the bankruptcy declaration. |
Terms class
Varies by product
| Platform | Affected product | Confidence | Interpretation | Notes |
|---|---|---|---|---|
| NexoCrypto interest account · Active | Nexo Earn Interest Product and crypto-backed loans | Medium | Nexo product terms and regulatory treatment vary by product and jurisdiction, especially around Earn-style products versus collateralized lending. | Use product-dependent classification because the regulatory event centered on Earn while the broader platform remained active. |
| LednBorrow/lend platform · Active | Ledn bitcoin-backed loans and savings or yield products | Medium | Ledn terms and customer treatment vary by product type, including collateralized loans and savings or yield products. | Active comparator record. Product-level terms should be checked against current official documents over time. |
| AbraCrypto interest account · Limited | Abra Earn, Abra Boost, and wind-down Abra Trade balances | High | Historical Abra Earn and Abra Boost terms allowed Abra to lend and deploy customer crypto through direct and DeFi lending, with the SEC describing pooled assets controlled by Abra. After conversion to non-interest-bearing Abra Trade accounts, the applicable terms stated that title remained with customers. | The risk classification changes by product phase: yield-account assets were deployable by Abra, while converted Trade balances were treated differently during the withdrawal and refund process. |
| Gemini Earnexchange earn · Operations ended | Gemini Earn customer balances | High | Gemini Earn customer treatment depended on the Earn program structure, Genesis lending exposure, and the Genesis bankruptcy distribution path rather than a standalone exchange-account treatment. | Use product-dependent classification because Gemini Earn was exchange-linked but relied on Genesis lending arrangements and a separate bankruptcy-driven recovery path. |
| Kraken Staking Programexchange earn · Limited | Kraken U.S. staking-as-a-service program and later eligible staking products | High | Kraken staking customer treatment varied by product design, jurisdiction, and staking terms rather than an insolvency claim process. | Use product-dependent classification because this is a regulatory staking-service record, not a lending platform bankruptcy case. |
| Coinbase Stakingexchange earn · Active | Coinbase staking services | Medium | Coinbase staking customer treatment varies by asset, staking product design, jurisdiction, and applicable Coinbase terms rather than an insolvency claim process. | Use product-dependent classification because this is a regulatory staking-service record, not a lending platform bankruptcy case. |
| Crypto.com Earnexchange earn · Active | Crypto.com Earn | Medium | Crypto.com Earn terms vary by asset, term, jurisdiction, account limits, and product conditions. | Active comparator record. Product terms should be rechecked periodically. |
| Nexo Earn Interest ProductCrypto interest account · Limited | Nexo Earn Interest Product | Medium | Nexo Earn customer treatment varies by product terms, asset, jurisdiction, and regulatory period rather than a single insolvency claim process. | Use product-dependent classification because this is a regulatory interest-product record, not a platform bankruptcy case. |
| Anchor Protocoldefi lending · Operations ended | Anchor UST deposit yield product | Medium | Anchor users interacted with a DeFi protocol and were exposed primarily to UST market, protocol, and smart-contract risks rather than a centralized custodian balance-sheet claim. | Classified separately from CeFi custodial lender terms because the central failure mode was TerraUSD depeg and ecosystem collapse, not a platform bankruptcy claims process. |
| Yield AppCentralized yield platform · Operations ended | Yield App digital wealth, Earn, managed yield and withdrawal-pool balances | High | Yield App terms described customer digital assets as lent to the platform and warned that users could become general unsecured creditors if the company could not meet its obligations. The liquidators later reported that extensive wallet commingling led the Seychelles court to adopt pari passu treatment for most claims, while a very small group of assets that had not entered pooled wallets might support different proprietary treatment. | The earlier unknown classification is replaced because the 2024 terms and 2025 court guidance now support a product- and tracing-dependent interpretation. Most commingled claims were treated as unsecured, but the reported judgment did not eliminate every possible proprietary claim. |
| CoinFLEXexchange earn · Restructuring | CoinFLEX exchange balances, flexUSD, locked balances and lending products | Medium | CoinFLEX combined ordinary exchange balances, locked balances, flexUSD and repo-market products. The restructuring treated creditor claims and asset allocations through a court-approved scheme rather than establishing one uniform ownership treatment for every product and account type. | The product mix and scheme structure support a product-dependent classification. This record does not assume that every customer held the same legal claim or received the same recovery instrument. |
| Zipmexexchange earn · Operations ended | ZipUp, ZipUp+, Z Wallet and exchange balances | High | Official statements and regulatory notices distinguish ordinary exchange-wallet assets from assets transferred into ZipUp and ZipUp+, which were placed through external lending platforms. Treatment may also depend on the contracting Zipmex entity and jurisdiction. | Product-dependent classification is used because the reviewed sources show different operational and counterparty paths for yield balances and ordinary exchange assets. The court materials do not establish one universal ownership or priority rule for every creditor class. |
| SALT LendingBorrow/lend platform · Active | SALT crypto-backed loans and collateral | High | SALT borrower assets served as collateral for outstanding loans. Withdrawal and return depended on repayment, refinancing, loan-to-value conditions and jurisdiction-specific settlement terms. | Product-dependent classification is used because collateral rights and withdrawal conditions vary by loan agreement and regulatory resolution. |
| Celsius NetworkCrypto interest account · Operations ended | Celsius Earn and other Celsius account categories | Medium | Celsius Earn account assets were treated differently from some other product categories in bankruptcy-related analysis and rulings. | Celsius account and product category affected asset-treatment and customer-outcome analysis. Direct court order citations should be preferred when available. |
| BlockFiCrypto interest account · Operations ended | BlockFi Interest Account, Wallet, loans, and related account categories | Medium | BlockFi customer outcomes and treatment varied across wallet, interest account, loan, and estate claim categories. | BlockFi requires product-by-product treatment. This record uses a conservative product-dependent classification. |
| Voyager DigitalBorrow/lend platform · Operations ended | Voyager customer account balances and rewards-related balances | Medium | Voyager customer treatment depended on estate assets, account balances, recovery process, and litigation recoveries after the platform entered wind-down. | Voyager terms and customer recovery are treated conservatively because recovery details depended on estate and distribution documents. |
| Genesis Global CapitalCeFi lending · Operations ended | Genesis lending claims and Gemini Earn-linked claims | Medium | Genesis creditor and Gemini Earn-linked outcomes depended on program structure, claim class, and the bankruptcy plan rather than a single universal customer-ownership rule. | Genesis terms risk should be read as product- and claim-class dependent. Gemini Earn was connected to Genesis lending but has a separate customer-facing structure. |