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Celsius Network Holds $25 Million in Digital Assets in Encrypted Wallet

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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 Holds $25 Million in Digital Assets in Encrypted Wallet

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 Celsius Network, an online platform that provides interest-earning accounts for cryptocurrency, has established an encrypted wallet containing digital assets worth $25 million. According to a report from Arkham Intelligence, the current Celsius Network is operating under bankruptcy protection but has allowed holders of Celsius custody accounts to withdraw their assets from the encrypted wallet.

The wallet contains various digital assets, including USD 10.39 million, ETH 8.8 million, counterfeit currency 4.31 million, and other stable currencies such as Binance USD, DAI, Paxos dollar, and Gemini USD, amounting to 1.57 million. Despite the bankruptcy protection, the Celsius Network claims to continue honoring customer withdrawals, ensuring that their clients’ funds are still safe and usable.

The holding and management of digital assets are essential features of cryptocurrency platforms such as Celsius Network. Cryptocurrencies have no physical form but exist only in the form of digital tokens. Storage of cryptocurrencies is thus a unique challenge, as they require secure and efficient storage techniques. Encrypted wallets, such as the one established by Celsius Network, use advanced encryption techniques to protect digital assets from cybercriminals and other unauthorized access.

The presence of counterfeit currency in the Celsius Network wallet is noteworthy. It is critical to note that cryptocurrency regulation is still in its nascent stage, and the legal acceptance of different types of cryptocurrencies varies in various jurisdictions. The presence of counterfeit currency in the wallet indicates the critical need for strong regulations and guidelines to govern the storage and use of digital assets.

In conclusion, the report by Arkham Intelligence confirms the presence of $25 million worth of digital assets in the encrypted wallet of Celsius Network. Despite bankruptcy protection, the platform still allows customers to withdraw their funds, ensuring the security of their digital assets. However, the presence of counterfeit currency highlights the need for robust regulations and guidelines to govern cryptocurrencies’ use and storage.

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