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CryptoPasokosProfile· Neutral@plutusOn Ethos
Plutus
1 review, not positive.0% positive · 1 review· Influence factor 3, above 0% of accountsWhat people say
Received · 1Given · 0“A bankrupt company milking its users to stay afloat”I was once a strong supporter of Plutus, but over the past year, the platform has taken a hard turn for the worse. I genuinely wouldn't be surprised if they halt card withdrawals or even go bankrupt within the next year. Here’s why: Unstable Policies: Plutus has changed its cashback and withdrawal terms over 30 times -- impossible to keep up with. These abrupt changes have negatively affected users — including myself — while the PLU token has steadily declined. Predatory Withdrawal Fees: They started charging a 33% fee to withdraw PLU cashback (paid in GBP!), and this wasn’t properly communicated. It feels like a last-ditch fiat cash grab. Punishing Legitimate Activity: Selling PLU or moving it to an unlinked wallet can lead to your account being limited or even suspended. A mockery of self custody. Forced Token Migration: In May, Plutus halted PLU withdrawals permanently and forcibly converted all internal PLU balances to a new token, PLUS, at a rate valuing PLUS at £10. The problem? PLUS isn't an on-chain asset (and likely never will be), and you can't redeem it for £10—except in a highly limited way (1 PLUS/month to offset card purchases). Misleading Cashback Claims: Cashback is now given in PLUS, and while they advertise rates like "3% cashback," the actual value is a fraction of that. Since PLUS is valued arbitrarily at £10, your effective cashback might be closer to 0.15%, not 3%. Locked Out & Let Down: Support was unresponsive during the PLU to PLUS conversion. PLU withdrawals were restricted (max 999 PLU per request), and only one request could be made at a time. This led to many users, including me, losing access to earned cashback. Manipulative “Gifts”: Just before the PLU deadline, they issued a "complimentary" 6-month subscription refund in PLU — but encouraged users to request a payout of that exact amount to avoid fees. Many users (again, myself included) were tricked into freezing their accounts by initiating these withdrawals and not having enough time to request PLU payouts before the PLU to PLUS conversion. Lack of Liquidity: PLU now has virtually no meaningful on-chain or CEX liquidity. A swap on Kucoin results in very high price impact, and total daily volume across all venues (including Coinbase) hovers around $50–60K. Dubious Burn Claims: They stated that unpaid PLU would be burned. While some were burned, a large amount has been sent to Coinbase. Looks like the team is squeezing out the last drops. Declining Trust: The CEO and official Plutus Twitter account blocked me after I raised these concerns publicly. They were a promising project from 2015 through early 2024, but things changed drastically around Q2 2024. It appears they may simply be running out of money. If you’re still unsure, I’d recommend watching Coffeezilla’s video investigating the CEO: https://www.youtube.com/watch?v=1Gw41hSkxBM
as required. · 1532· 1y ago · negative5
as required. · 1532· 1y ago · negative51 of 1 · most upvoted first