I, like many, was seduced by centralized finance protocols, and earning a little interest on my coins. Those 7% rates were juicy at the beginning. When I got started, I would just deposit a little, to get my feet wet and see what it was all about. Before long I had deposit everything into CIFI, and had taken out a loan against my precious Bitcoin.
Then, I started digging into Celsius, and just how shady their background is. Not just Alex, even though he’s been part of multiple rug pulls, and not just the CFO, who’s been arrested and jailed for fraud, but even more people on his staff have been involved in some terrible shit.
I feel like I sat at the casino and gambled and was able to walk away from the table with a little more than what I walked in there with. But, the stress of not having custody of my property is not worth the gamble. For me, it’s now about managing 3rd party risk, and I don’t trust Celsius.
If I had done my homework, I likely never would have let Cel custody my coins. I feel like I dodged a bullet.