Impossible to Withdraw Stake After Deposit? Not Right.. Crypto.com

[Spidermantheman1]

hi my father is ill and he has about a lot of money staked on crypto.com. over 500k... he will pass any day now and he wants to withdraw his staked coins because of the headache it will cause.

is it legal for crypto to hold your coins no matter what? usually theres a small fee or something for wanting to withdraw early but it being not even possible to do doesnt sound right to me... anybody have any success withdrawing staked coins early?

[logfiles]

There's usually a specific period with which the coins are staked before you can unlock them for withdrawal. What coins do you have staked in there?

Have you tried contacting their support? They might be having the best answer or solution for your situation - https://help.crypto.com/en

[Spidermantheman1]

thanks for the response. its a bunch of coins from btc to cro. some were 3 month stake some were 6 month. but i am being told no matter what, none of the staked coins could be withdrawn before the date i originally agreed upon

[logfiles]

The locking period is pretty much the principal behind staking, especially on such custodial platforms. In the future, just HODL your bitcoins or other cryptos in noncustodial wallets and just profit from the price growth over time. It's far much rewarding and less risky than staking. The small APY's aren't worth the risk locking all those coins in such platforms.

What if you wake up tomorrow and crypto.com is gone or hacked? How will you get your money back?

Sorry about your Dad through. I hope he makes it through so he can enjoy the fruits of some of his crypto investments.

[NotATether]

Ask your dad to give you the credentials of the crypto.com wallet in his will so that you don't lose access to them forever (if you can do that).

[o_e_l_e_o]

A fixed term staking is exactly that - fixed term. There is no option to withdraw early. The coins you have staked will be lent out or tied up in other investments and so crypto.com are unlikely even to have access to them at the moment. That is how they make their profits. Any staking vehicles which allow closure at any time likely offer far lower returns than fixed term periods. These are the risks you take when you lock your coins up in a fixed term product.

According to their Terms, even if you try to close your account they will still make you wait out the staking period before doing so:

15.5A If, at the time of the submission of your account closure request, your account has any outstanding or ongoing obligations, commitments or activities, including but not limited to any fixed term loan, deposits or Staking or any amount due to Crypto.com, you agree that Crypto.com shall not be obliged to process such closure request until all such obligations, activities or commitments have been discharged or expired.

There's probably not much you can do here other than wait out the staking period and then transfer the coins out after that period is over.