Hello,
I am writing this post as a long-term CFG holder affected by the migration process.
Situation
I hold legacy CFG in a self-custody wallet on Centrifuge Chain.
Like many others, I simply held my tokens and did not actively monitor governance or Discord announcements.
After discovering the migration only recently, I followed the official guidance and contacted the team.
Current issue
The only option currently proposed for late migration is:
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Full KYC through a third-party
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A ~$350 fee deducted from the migrated amount
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Submission of personal documents
This raises several serious concerns.
Key concerns
Mismatch with self-custody principles
These tokens are held in a self-custody wallet. Ownership can be proven cryptographically via wallet signature.
Requiring identity verification is not technically necessary.
Disproportionate cost
A fixed ~$350 fee is extremely high, especially for smaller holders, and effectively prevents recovery.
Changing rules after the fact
No KYC was required to acquire or hold CFG.
Introducing KYC only at the recovery stage creates an inconsistent and unfair experience.
Loss of funds risk
In practice, this forces users to choose between:
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giving up privacy and paying a large fee
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or permanently losing access to their assets
Request
Legacy CFG holders must be allowed to migrate their tokens through a standard on-chain process.
Requiring KYC, third-party involvement, and high fees to access self-custodied assets is not acceptable.
Users should not have to give up their privacy or pay excessive costs to recover tokens they already own.
A proper on-chain migration path must be restored.
Why this matters
This is not just about individual cases.
This situation impacts trust in:
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self-custody
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token ownership guarantees
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and the broader perception of decentralization within the Centrifuge ecosystem
Conclusion
I fully understand regulatory constraints, but I believe there should be a fair and technically sound path for legitimate holders who simply held their tokens in self-custody.
I would appreciate feedback from the team and the community.
Thank you.