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The Celsius Network Debacle

I thought I was smarter than the average crypto investor. I spent many hours reading about cryptocurrency and becoming what I thought was a student of this new technology that exists on the blockchain.

I opened a Celsius account when they had less than 200,000 members. I was drawn to the yield that they paid on BTC and USDC. The yield was so much greater than the paltry earnings you could gain in your savings account. 

“ Banks are not your friend “ was a Celsius catch phrase used often and I believed it. The fact is Celsius used customer assets in a way that they were over leveraged and when bitcoin and the altcoins tumbled their business model was not sustainable and they filed for Chapter 11 bankruptcy.

The day I started reading some negative press about Celsius I decided to move my assets off their platform but it was too late. My account was frozen and my crypto inaccessible as it is to this day while Celsius goes through bankruptcy proceedings.

Cryptocurrency is still in it’s infancy and it is best to proceed with zero trust. Do not place your trust in a platform, exchange or app. Do not place your trust in that person on Reddit or Twitter that approaches you with unsolicited help. None of these are your friends.

Your best friend is a hardware wallet where you alone hold the private keys to your crypto. Crypto is still the Wild West and just like the days of the gunslingers you better know who your friends are !

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