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Celsius Network Established Encrypted Wallet for Account Holders’ Withdrawals

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It is reported that Arkham Intelligence said in a report that the current Celsius Network operating under bankruptcy protection has established an encrypted wal

Celsius Network Established Encrypted Wallet for Account Holders’ Withdrawals

It is reported that Arkham Intelligence said in a report that the current Celsius Network operating under bankruptcy protection has established an encrypted wallet, which contains $25 million of digital assets for withdrawal by the holders of Celsius custody accounts. The wallet’s assets include USD 10.39 million, ETH 8.8 million, counterfeit currency 4.31 million and other stable currencies 1.57 million, including Binance USD, DAI, Paxos dollar and Gemini USD.

Celsius adds a $25 million wallet for withdrawal

Analysis based on this information:


The news report reveals that Celsius Network, a cryptocurrency lending and borrowing platform, has established an encrypted wallet containing $25 million worth of digital assets for withdrawal by account holders who have subscribed to Celsius custody accounts. Celsius Network has been operating under bankruptcy protection since early April, so this move can be seen as an effort to maintain customer trust and satisfaction.

The wallet’s assets are made up of various cryptocurrencies and stable coins such as Ethereum, Binance USD, DAI, Paxos dollar, and Gemini USD, totaling $10.39 million, $8.8 million, $1.57 million, and $4.31 million in counterfeit currency, respectively. The presence of counterfeit currency in the wallet raises some eyebrows, as it calls into question the platform’s level of security and accuracy in assessing the validity of the assets it holds.

The establishment of an encrypted wallet is a commendable move by Celsius Network and showcases its efforts to provide secure and easy access to digital assets for its users. The use of encryption ensures that the wallet and its contents remain protected from unauthorized access or hacking attempts. Furthermore, by keeping the assets in an encrypted wallet, Celsius Network can offer its users faster and more convenient access to their digital assets, which is crucial in the fast-paced world of cryptocurrencies.

The move by Celsius Network also highlights the growing trend of investors and traders opting for cryptocurrency platforms as an alternative to traditional banking systems. The platform’s use of stable coins also indicates a shift towards cryptocurrencies that aim to maintain a stable value to protect users from the volatility of other cryptocurrencies, such as Bitcoin.

Overall, the news report indicates that despite operating under bankruptcy protection, Celsius Network has taken measures to ensure its users’ digital assets remain secure and easily accessible. The adoption of an encrypted wallet is a commendable move, and its success will depend on the platform’s ability to maintain customer trust by providing a seamless and secure experience for users.

In summary, the three keywords to take away from the report are: Celsius Network, Encrypted Wallet, and Digital Assets.

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