MyConstant FAQ 

MyConstant is solely responsible for the support of their customers, and Prime Trust is unable to resolve MyConstant customers’ issues. For any inquiries, please email MyConstant directly at hello@myconstant.com.

For additional information, please see their update posted here. We have attempted to answer additional questions below: 

Q: What is the relationship between Prime Trust and MyConstant?

A: Prime Trust served as a digital infrastructure provider for money movement and custody of fiat for MyConstant. Prime Trust has visibility and control over only the fiat that remains in our custody. The balance that Prime Trust custodies may be different than the amount you are shown in the MyConstant app because of yield earning or investment products that MyConstant offers.

Q: What has happened to MyConstant’s customers’ funds held with Prime Trust?

A: MyConstant fiat funds that were custodied with Prime Trust have been frozen to prevent unauthorized transactions. We are working with MyConstant to devise a secure way to disburse funds to their customers as quickly as possible. They have not yet provided us with a timeline or a procedure. 

Q: MyConstant records indicate the CEO and COO have wallet keys to access any funds/collateral at Prime Trust. What steps have been or are being taken to prevent them from using their keys to take our funds/collateral, etc?

A: Prime Trust has frozen all MyConstant fiat accounts to prevent unauthorized transactions. We do not have visibility into digital asset accounts because we do not provide custody of digital assets to MyConstant. 

We are working with MyConstant to devise a secure way to disburse funds to their customers as quickly as possible. They have not yet provided us with a timeline or a procedure. 

Q: In light of MyConstant’s recent announcement to cease operations, what changes has Prime Trust made to service MyConstant?

A: We are monitoring the situation and evaluating the relationship. For more details on how we currently service MyConstant, please see the question above.

Q: Is Prime Trust going to continue providing transfers of funds for patrons of MyConstant?

A: Prime Trust has frozen all MyConstant fiat accounts to prevent unauthorized transactions. We do not have visibility into digital asset accounts because we do not provide custody of digital assets to MyConstant. 

Q: I  have an account with Myconstant.com. As per their terms of service they use PrimeTrust as a Custodial partner. So any funds transferred on to their platform would be held by Prime Trust. They have also mentioned that all borrower collateral is stored with PrimeTrust. Is this true?

A: Prime Trust provides custodial services for fiat to MyConstant. We only have visibility and control over those fiat accounts with balances held at Prime Trust. As of Monday Nov 21, 2022, Prime Trust froze all MyConstant balances in our custody.

Q: If I can’t get my money out of MyConstant, or if my money has been lost, what amount of insurance does Prime Trust provide? 

A: Prime Trust does not provide insurance for MyConstant. We only provide custodial services for fiat accounts. MyConstant customers’ fiat accounts with balances at Prime Trust have been frozen.

Q: MyConstant referred to a $10m safety fund. What does that mean?

A: Prime Trust has no knowledge of a MyConstant $10m “safety fund,” and is not involved with it. The only information we have is what is listed on their website, here. 

Q: My Constant references a $130m insurance guarantee at Prime Trust. Is this true?

A: This is not accurate. Please see our FAQ on FDIC insurance.

Q: Given the user agreement that is in place between Prime Trust and the Account Holder, I would like a copy of my account statement. The User Agreement says Prime Trust will make one available to me.

A: The User Agreement states that Account holders should access statements on the website or applications of the Authorized Integrator, in this case, MyConstant. However, Prime Trust recognizes that MyConstant has not been responsive to requests from their customers. 

Given the current circumstances, Prime Trust wants to do what we can to assist the Account Holder, with the understanding that Prime Trust has no visibility into or control over MyConstant records or operations. We are working toward a resolution and will continue to keep you updated.

Q: The User Agreement was not signed by me/I do not have a recollection of signing this agreement. Why is that?

A: Users of MyConstant agreed to the company’s terms of service (ToS) at the time they chose to use the MyConstant service. By doing so, users agreed to have their funds stored with Prime Trust. 

Q: I was a MyConstant customer prior to the date mentioned in the agreement and have been transacting on a regular basis. Why is there a discrepancy between the date of the User Agreement with Prime Trust and the date I signed up with MyConstant?

A: End users of MyConstant should reach out to MyConstant’s support team for more information about the electronic signature found within their User Agreement.

Q: Can you send me an audit trail of the electronic signature from the User Agreement?

A: End users of MyConstant should reach out to MyConstant’s support team for more information about the electronic signature found within their User Agreement.

Q: Prime Trust has no account linked to my email.

A: Accounts are normally linked to the email used to open your MyConstant account. Please check your agreement with MyConstant to verify you are using the correct address.

Should the addresses be the same, please reach out to the MyConstant support team, who can further assist, as Prime Trust does not have access to those records.

Q: Prime Trust clearly says in its FAQs that MyConstant is its customer. So, how can I even be named the "Owner" in this agreement? 

A: MyConstant uses Prime Trust as a third-party custodian. Prime Trust holds your funds in accounts that MyConstant uses to fulfill their trades. 

Q: Prime Trust is a B2B. How could an individual like me have signed this?

A: MyConstant’s platform’s users agree through MyConstant’s ToS to have Prime Trust store their funds. This agreement was likely signed during your onboarding process with MyConstant.

Q: The agreement says I am the “account owner. Does this mean I have access to my account and make requests on my account?

A: You are the account owner by name, meaning the funds stored within your account are solely yours. Prime Trust is bound by an agreement with MyConstant, which allows MyConstant to transfer funds on your behalf. Therefore, we are unable to fulfill trades directly with MyConstant customers.

To access your funds, you will need to reach out to the MyConstant team.

Q: If I’m unable to make requests on my account, can you send me the Agent Agreement identifying who is authorized to make changes to my account?

A: Please reach out to MyConstant to obtain a copy of the Agent Agreements.

Q: Can you share internal transfer information?

A: Internal transfer information is information shared between MyConstant and end-user accounts. Therefore information should only be shared by MyConstant with their users.

Q: MyConstant’s “plan” stated: "$500,000 currently held at Prime Trust. A large portion of this amount is the reserve for ACH transactions which should be released in January 2023". Does this mean that all of my ACH contributions are available to be returned to me?

A: The reserve account represents funds deposited by MyConstant and is, therefore, under their control.

Q: Can Prime Trust return my funds to me?

A: MyConstant is working on a plan to return funds to their end users. They have shared this plan with their end users, and it is our understanding that they will continue to communicate the details of this plan as it unfolds.

Q: Can you explain how Prime Trust works as a financial custodian?

A: Prime Trust provides financial infrastructure for platforms like MyConstant, which includes providing custodial services for fiat and digital assets.