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The Philosopher pfp
The Philosopher
@thephilosopher.eth
🚨 VITRUVEO CHAIN RED FLAGS ⚠️ I decided to come here and talk about this because I was affected by some of these problems, with no solutions, and I would like that no one else gets affected without a fair warning.
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Uzzy & Art Syndicate
@uzzy
Thanks for sharing this 🤘 I kinda didn't like it from the start, but I checked it last week anyway 'cause there are more and more posts about them, and I have to say after finding out that people can't even withdraw their funds I was pleased with myself for not applying a few months ago 😁
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The Philosopher
@thephilosopher.eth
Another thing: check vtru price. Boosters were sold for a price of 150 usd, and the same amount in vtru would be given to the investor in collectors credits. They decided in a price of 1.50 usd per vtru and then used the price of 2.50 usd/vtru. The problem was that 2.50 usd per vtru was also the price used to pay artists that had listed their work in USD. So imagine, you listed your work for 100 usd, and you sold it. Vitruveo paid you in vtru in a price of 2.50 usd per vtru. But when you go to the swapper to trade (of course, if before, you were able to wrap your vtru), vtru was at price of 0.5 usd per vtru (now you can see it is even lower, 0.3 usd per vtru). So your 100 usd which transformed in 25 vtru, when you got to sell it, you will receive 12.5 usdc pol. Now vitruveo pays at the price of vtru in the moment of sale or of listing (I am not sure). But the collectors paid for collectors credits in usd, the artist decided the price in usd, but the artists receive in downward unstable vtru. A REAL issue.
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The Philosopher
@thephilosopher.eth
Yes, it is super hard to withdraw. You have first to wrap your vtru. For doing this, there are something called circuit breaker constraints. These constraints allow only wrap above 99 vtru, but at the same time you have an personal upper limit according the vtru value and also a global upper limit. These limits reset every 24h, or better, at a certain number of blocks. So if people wrap before you and the global constraint is met, you will not be able to wrap. After wrapping, u can trade it for usdc pol, and then bridge to polygon network. I could NEVER wrap my vtru through the official method. I used to go to the explorer, than write contract, than wrap my vtru in an old and not used contract that had a lesser value to usdc pol than present wvtru, but it was a way of being able to withdraw something... But they also changed the explorer and I cannot do that anymore. Look the image.
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