Celsius Exposed Thousands Of Customers Information
Crypto lending platform Celsius revealed its customers' personal information as a part of the ongoing restructuring process under Chapter 11 bankruptcy filing. It includes customer names, amounts, types, descriptions, and transactions time.
It is very sensitive personal information that was revealed by CeFi lender Celsius. People get stuck with the crypto on Celsius. Moreover, now they are at risk because of this.
It can be used to track transactions since names are attached to them. People might face harassment, blackmail, and threat. It can also be a target of identity theft, stalking, and doxing.
While doing KYC, you might not think of what could happen at some point. Things can get messy and make you vulnerable. When you use any centralized exchanges and crypto platforms, you know they are in control of your crypto as long as it stays there.
You trust the crypto platforms and wish nothing will go wrong. Unfortunately, the reality is different. Everything looks good in a bull market. As soon as the crypto market is on a downtrend, many centralized crypto platforms struggle to survive and go out of business.
When it goes through bankruptcy, customers may face the worst situations like revealing their personal information. Your personal information is very valuable. When you think about your privacy and safety, you have to think twice before giving your personal information to anyone.
Unfortunately, it appears that you cannot trust centralized crypto platforms with your personal information. Will they care about your privacy? When the government goes hard to crack down on crypto, you can guess what those so-called powerful crypto platforms would do. They would be busy protecting themselves.
Crypto offers freedom and control. When decentralization moves out of the equation, you are not free and out of someone's control. It is up to you what you do with your crypto and personal information. Before doing KYC, it is better to keep in mind what could happen in case things go in another direction.
So what do you think? How do you see what's going on in centralized crypto platforms? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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It's really a risk sharing your information anywhere.