Money transfer, virtual currency, or money service -- Money was not available when promised -- Complaint #6223782
Complaint Overview
Complaint ID: 6223782
Company: Const LLC
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Money was not available when promised
State: Texas
ZIP Code: 78840
Date Received: 2022-11-19T12:00:00-05:00
Date Sent to Company: 2023-01-19T12:00:00-05:00
Company Response: Untimely response
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
XXXX is a peer to peer lending conmpany that uses borrowers crypto to collateralize loans from investors ( like myself ). I've been investing with them for almost XXXX years and currently have {$240000.00} tied up in lending products with XXXX. As of XXXX days ago we received an email saying all business operations have been ceased and no withdrawals or deposits will be allowed. They said they'll update customers within 10 days, but no one can reach anyone at the company to find out any more details as they are not answering calls nor returning emails. It also appears the company has scrubbed its XXXX page and the XXXX pages of top executives. All collateral and client 's investment funds are supposedly held at or processed through XXXX XXXX XXXX ( registered SEC company ). XXXX XXXX keeps telling us to contact XXXX and won't give us any information, so we have no way to find out what's happening with our funds/collateral or if everything is gone. We have a XXXX channel up where people are gathering evidence, documentation, etc. This is probably the best place to start to get a broad view of what's happening. Details below. XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX CONST LLC ( Business ID : XXXX ) FoXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX 'Cease of Operations ' email received by all investors XXXX XX/XX/2022 at XXXX : " Dear XXXX Users, Given the collapses of several cryptocurrencies so far this year and the rapidly deteriorating market conditions that have been prompting heavy withdrawals across all XXXX lending and XXXX exchange platforms recently, we are sad to inform you that we are unable to continue to operate our business as usual. As such, we are limiting our business activities, including pausing user withdrawals as allowed under our Terms of XXXX. No deposit or investment request will be processed at this time. Our team is working diligently towards our objective of maximizing value for all of our Users, and our top priority continues to be to protect your interests. As we explore all options available to us, we will provide updates to you as we go. We hope to communicate with you within the next XXXX business days on the next steps to address the situation. We appreciate your patience in this trying time. Sincerely yoursXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
Frequently Asked Questions
What is Complaint #6223782 about?
Complaint #6223782 was filed against Const LLC regarding Money transfer, virtual currency, or money service specifically about Money was not available when promised. It was received by the CFPB on 2022-11-19T12:00:00-05:00.
How did Const LLC respond to this complaint?
The company responded with: "Untimely response". The response was not timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Const LLC?
Yes, visit the Const LLC company profile at readthecomplaint.com/company/const-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.