Celsius Network

Celsius Network is a cryptocurrency loan company. Users can deposit a range of cryptocurrency coins, including BTC and ETH, into a Celsius wallet to earn a yield ranging around 3-5 percent p.a. Users can also take out loans from Celsius by placing their cryptocurrencies as security. The loans interest rate depends on how much security is put up. Currently, the lowest possible interest rate is 1% p.a, which is acheived by putting up security worth 4 times more than the loan.
History
Celsius Network Limited was incorporated on 9 February 2018.
On April 16, 2021, Celsius Network announced that a third-party server with customer data had been compromised, that a portion of the company's customer list had been exfiltrated and that a phishing email had been sent to Celcius customers.
In the second half of 2021, Celsius Network raised $400m in new equity funding from investors.
On October 18, 2021, Celsius Network received a request for more information from New York Attorney General, Letitia James.
On November 26, 2021, Celsius Network announced that one of its senior employees was the focus of an Israeli police probe associated with prior employment activities and also that the employee has been suspended.
On December 10, 2021, Barron's wrote about the risks associated with the business model of Celsius Network and similar companies.

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