MyConstant

MyConstant was an online multi-cryptocurrency wallet and peer-to-peer lending platform designed for users interested in earning yield on crypto holdings. The platform supported deposits across 80 cryptocurrencies and stablecoins, with advertised returns of up to 12.5% APY on USDT and USDC deposits. Users could create deposit orders via wallet address or QR code, and the platform facilitated crypto-backed loans with borrower compliance and repayment management.

MyConstant suspended operations after freezing customer withdrawals, citing challenges to its ability to process distributions. A class action lawsuit was subsequently filed against the platform, further limiting its capacity to return funds to users. The platform stopped accepting new deposits and investment requests following the suspension, though it continued managing distributions from existing prior claims on a limited basis.

As of the time of writing, the MyConstant website remains online but the platform is not operational for new users. Existing account holders have been directed to monitor updates through the platform’s official communications. MyConstant’s situation reflects broader risks in the centralized crypto lending sector, where yield-bearing platforms have faced liquidity crises and legal challenges since 2022.

Quick facts: Launched 2019, incorporated in the United States. Centralized custodial platform (web-based); no mobile app. Supported 80 cryptocurrencies and stablecoins including USDT, USDC, and BTC. Status: not operational for new users since November 2022; customer withdrawals suspended and platform in wind-down, with distributions to existing claimants processed on a limited basis pending resolution of a class action lawsuit.