Celsius loan collateral not reflected in Koinly

Koinly Support
1

I’ve just taken a loan on Celsius, providing BTC as collateral and receiving USDC from them in return. It’s a 25% LTV loan, so the amount of BTC held as collateral is 4 times the amount of USDC received.

Problem:

The USDC that I’ve been issued with has appeared in Koinly, but the collateral is NOT being reflected cleanly, and certainly not clearly.

Koinly appears to have done the following:

  • updated my BTC holding to reflect the amount of BTC that still remains in my account, not held as collateral.
  • Forgotten all about the BTC that I provided as collateral … it’s just disappeared
  • Consequently, adjusted the current value of my BTC holdings
  • While maintaining the same cost basis
  • Consequently, it is showing my account as having made a loss.

Although there is a transaction showing the USDC that I received, there is no transaction that shows the BTC that has been taken out of my account to be held as collateral.

Also, Koinly is now reporting an error against my BTC holding. (‘Calculated balance is different from the amount reported by the API’).

I think, strictly speaking, that there perhaps should have been a ‘sale’ transaction reflected in Koinly, since the Celsius Terms position the loan as a sale and repurchase agreement.

Apart from a lack of clarity, I’m concerned that this might be reported wrongly to HMRC in the tax return section.

Can someone advise, please?
Many thanks!

See below for answers to the new topic template questions:

This is regarding the Celsius wallet, and it’s in a UK account, following the provision of a UK loan (which I think might be handled differently from a US loan).

The data was imported into the wallet through the API.

I have not found a way to fix this myself, other than to make a note on the USDC transaction to remind me.

3

I haven’t taken a loan from Celsius but a potential solution would be to go into the Celsius wallet on Koinly, hit the “edit” button, then “Edit API settings” and then check the “Ignore reported balances” option.

5

Hey Greg … Have you asked Koinly Directly? as in logged a Ticket?
be Very Interested in knowing if there is a Work Around that can be done successfully.
I will ask each poster this question…
Cheers
Di

2

+100 to this!
I was just looking if someone know how to work around this, but now I just found thise report here and have to say the same.
We are missing a Withdrawal option like “Collateral” or “Start Lending”, which just keeps track of our balances.
I don’t mind if we need to do it manually.
And if the loan finished to put down another Deposit as “Collateral” or “End Lending” to then have the blances correct again would be helpful.

KR

6

Hi … Have you asked Koinly Directly? as in logged a Ticket?
be Very Interested in knowing if there is a Work Around that can be done successfully.
I will ask each poster this question…
Cheers
Di

8

I don’t use Celsius collateral loan, but I sent coins from Gemini to Gemini Earn. I use tags “sent to pool” and “received from pool”. If I had this Celsius issue, I would play around with those tags.

4

Yes. When borrowing money from Celsius how do we do this? Would love a manual solution until Koinly can automate this.

7

Hey Anastasio … Have you asked Koinly Directly? as in logged a Ticket?
be Very Interested in knowing if there is a Work Around that can be done successfully.
I will ask each poster this question…
Cheers
Di