Episode Transcript
[00:00:00] Out of cycle update.
[00:00:02] And another one down. And another one down. Another one bites the dust. Cryptotalk dot fm my name is Leister, I'm your host. I'm covering a project. I had done an episode way back in December 2021, and in that my voice was crap. But I got the message across regarding hedgehog. Hedgehog app. If you want to recall what this was doing, this is an aggregator service that lets you monitor all of your cryptocurrency across all of the different disparate sources of where it might reside in one simple, easy to use dashboard. And I had signed up for it and I was watching it and I was using it for a minute, found it too restricting for my tastes. So I did recommend it for those that are kind of entry to intermediate users to have a singular point view of all of your different crypto assets connecting all these different locations, the ability to connect to the exchanges and know what was there. The hedgehog application had some issues with some of the APIs necessary to pull the information down. A lot of those exchanges started blocking access to the APIs. Then what was happening with gate IO and others were they were blocking access to us traders. That made it worse. I believe it was hotbit that shut down. So some exchanges would completely close. And so there's this disruptive effect with a lack of access to your assets as initially was proposed. It sounded good on the surface. It sounded like this was going to be a cool thing. We were going to be able to use this and I was going to be able to advocate it for people who are just getting into it because it was really difficult, in my opinion, to keep track of all your different assets in all these different places. They might be. If you're not sitting in one wallet, you happen to have stuff in exchanges, you have stuff in one wallet or multiple wallets, and hard to get a single point view to where I was confident advocating it for what it was proposing doing. An email sent out and I know some of you duck email, you hide from email, you refuse email, you don't support the beauty that is email. And so you probably missed the message. And so I'm sharing it as a public service announcement through my limited platform that the hedgehog application is shutting down. This announcement was sent out today. Apparently by the end of the month they're going to close this business down because, quote, hedgehog can no longer sustain itself and will be shutting down at the end of the month. The sustain is interesting because they did not charge for the basic service. They had a premium tier if I recall, but they did not charge for the extended, you know, coverage that you got for all your different, you know, pulling them in and taking a look at it, which was arguably the most valuable part of the service. So it doesn't surprise me, they say that they could not sustain what's going on at all. It does surprise you, the suddenness of the announcement and the limited span with which you have to take action. This is why I'm doing the out of cycle to share what they said. Essentially, they believe that there may be some people who actually stored funds inside hedgehog itself. So there is, there was the aspect of a wallet concept with this and automation of trades and that sort of stuff was a piece of this and perhaps that was on this premium tier that I was not part of. I'm not sure because I didn't go that far. I only used it for view. But they're emphasizing that some may have assets stored in hedgehog for where you need to take action to withdraw your assets by the end of the month. They recommended some other products that I have not taken a look at and probably would not recommend even if I did. But uphold is one. Never heard of it. Capsule, never heard of it. Gemini, never heard of it. So I don't know anything about all these other services they're recommending, so I can't speak to them and I'm not going to go deep in because that would be a disservice to you.
[00:03:43] I'm simply sharing that. They say there's some act you need to take. So if you're in hedgehog, you probably need to go out to hedgehog that app and see if there's some information after you log in that provides more details about next steps to take. If you're using it on a mobile device, I would assume there's something there and I would assume that they would have broadcast something, but that's an assumption. That's why I'm sharing it here, in case they didn't, because maybe they're overseas and they don't know anybody. So that's what's happening there. They apparently are going to be putting themselves up for sale as well. They mentioned an auction for the IP and the assets. So this strikes me as they had pissed poor planning on the financial side and didn't have a game plan for solvency of the business. They had a decent good idea, didn't know how to generate wealth, and perhaps could not entice new investors to push money into the platform or maybe their pay and premium strategy wasn't solid enough because again, I only used it for the view and didn't use any of the premium services that I can recall. So having it up for sale intrigues me is my point. That means that somebody could come in, swoop this up and turn it into something. I felt like the name was kind of garbage anyway, so perhaps somebody could take it and turn it into something amazing, you know? Cause there's things like coin tracker and other services that do something similar. Perhaps they could buy the IP and the assets to shore up their garbage platform, make it a little bit better.
[00:05:02] Quote we'll be operating our servers until August 34 at 11:59 p.m. pacific time through the US, at which time you will no longer be able to access the hedgehog app. If you wish to use the hedgehog app to withdraw, you must liquidate your stack and withdraw funds before then.
[00:05:21] So they gave some instructions about doing it from the app perspective. None of these are familiar because again, I didn't use it. But it's essentially saying if you have assets that are not us dollar, you need to liquidate them to be us dollar. Then you can do a withdrawal out to whatever wallet that you choose. You can also work with other platforms to do something similar, but you will have to work with their transition. So they have a partnership with Gemini as one of them. And this uphold to do a transfer and there's a communication agreement between the two to transfer the assets in kind.
[00:05:52] It's kind of untimely. That's why I say the short timing is kind of weird because we're right now in a very red cycle price wise, so that if you do liquidate, you're going to take steep losses. I don't know that doing the transfer of assets in kind makes sense either, because there's a lot of risk with that. There's a lot of overhead with that. You're going to need to coordinate over email. So some of you guys that don't like email, that's the only way that you have to be able to do this. And so I'm not giving any advice of what to do. I'm simply sharing the message of what happened in case you didn't hear from some other outlet. So that's what's happening with hedgehog app shutting down. And you're going to need to take action before the end of the month to be able to withdraw your assets from this business. It simply emphasizes what I said, and again, I didn't use the premium services on this, but it simply emphasizes what I said. Please, please, please keep your assets in your own wallet, on your own device, not stored on any other exchange or third party service, because this is what can happen. They are fly by night in a lot of cases. They're coming and going. It's whack a mole at this point, and I don't want to see you get your stuff took.
