Unbank yourself and flourish during retirement. Subscribe Here! >
Celsius has filed for Chapter 11 protection from creditors in U.S. courts. All all crypto deposited with Celsius remains unavailable.
If you continue to read any of the Celsius pages on CryptoRetirees.com, do so for informational purposes only. Do not join Celsius at this time.
I’ve removed all Celsius signup buttons and references to joining Celsius until I know more about the outcome of Celsius Network’s restructuring, and whether it will still be a viable way to earn retirement income.
The threats to our digital security seem to worsen every day. Gigantic hacks at businesses that contain our personal and financial information are an annual occurrence. Crypto networks are vulnerable too.
That’s why I appreciate the Celsius Network security system.
Celsius takes my security (and yours, when you become a member) seriously enough that it purchased GK8, a high-security custodial platform for banks and decentralized finance protocols.
Celsius is not without its own third-party risks though. In late 2021, Celsius lost about $55 million in the hack of the BadgerDAO decentralized platform.
And Celsius isn’t the only crypto organization to be affected by a third-party issue. Pantera Capital’s mailing list was likely affected by a hack at Hubspot on March 18, 2022.
Great. Pantera uses Hubspot to store my personal data and it has been hacked. pic.twitter.com/4Olu6LRq48— NINA A. KAPLAN (@nina_kaplan) March 20, 2022
So it’s important to remember that no matter how secure we make our own offline and digital lives, we and our money are always at risk when we use any third party.
Click here to learn more about crypto security in general.
In addition to continuous monitoring of the entire platform, Celsius provides each Celsian with several security options. To reach them, click on your name in the top right corner of any web page after you log in.
On the narrow overlay that appears, click on Security.
The overlay will disappear, and you’ll see your Security Score, along with two sections, Core Security and Account Activity.
Once you set up your security options (either the PIN or the 2FA — 2-factor authentication), your Security Score will be green.
Core Security has four settings:
Password – Here you can change your password if you ever think yours is at risk. You’ll need to use your PIN code or your Google Authenticator 2FA to complete the password change.
This ensures that you, and only you, can change your password.
If you’re not good at remembering passwords, I urge you to invest in a password management system like LastPass or 1Password.
This will let you create a unique and strong password for every website you use. And you’ll never again have to worry about remembering passwords.
You just have to remember one, to your password manager. Be sure to make that one very secure.
Note: Celsius requires the use of either a 6-digit PIN or 2-factor authentication, which gives you a 6-digit number. Using a PIN is handier, unless you have memory issues.
I prefer more security over convenience (I urge you to think that way as well), especially when it comes to my money.
So I use the Google Authenticator app on my iPhone to provide a 6-digit number, which I then enter into the Celsius website when requested.
The 6-digit number changes every 30 seconds, so it’s impossible for anyone to get into my account or make any changes there without my awareness.
Someone could get in, but only if he had my iPhone in his possession. And had my phone unlocked. So I feel relatively secure about access to Google Authenticator on my phone.
If you don’t own a smartphone (iPhone or Android phone), you’ll need to use the 6-digit PIN option instead.
PIN Code – As a minimum security precaution, Celsius requires that you create a 6-digit PIN when you set up your account. Similar to the 4-digit PIN you have on your debit card, the Celsius PIN is an extra layer of protection.
You’ll need it whenever you’re making a transaction, including withdrawing crypto from Celsius, swapping crypto, or trying to buy some using either of the methods that are available to you. (Purchase options are only available on the mobile app. They’re not available on the website.)
HODL mode – If you activate HODL mode, you won’t be able to make any withdrawals or swaps, or use CELpay to send crypto to any other Celsian. You also won’t be able to whitelist any withdrawal addresses (more on that below).
If you activate HODL mode, you’ll need to deactivate it before withdrawing any funds. There’s then a 24-hour unlock period. Once the 24 hours are up, you can withdraw or swap your crypto.
So keep that in mind if you think you’ll need some crypto in a hurry at some point.
You don’t need to activate HODL mode to achieve a high security score.
Two-factor Authentication – Once activated, 2FA replaces the 6-digit PIN code you entered when you created your account.
As I mentioned above, 2FA requires the use of a smartphone app called Google Authenticator. You can download the app from the App Store (iPhones) or Google Play (Android phones).
Once you have your PIN or activated 2FA, you should see your Security Score turn to all green, like this:
If you own a device that has a biometric option (fingerprint or face scan), you may see an option to enable Biometric Authentication.
If you activate it, it will replace having to enter your PIN or a Google Authenticator number. The rest of the login procedure remains the same.
Celsius also reports on your most recent ten logins. It provides the date and the time of each login, and how you did it.
If you ever see anything other than Successful Login (using Email+Password), contact Celsius immediately, as someone may have gained access to your account using some other method.
Celsius also reports, for each login:
If you ever want to withdraw funds from your Celsius account, you’ll need to add the address for the destination account (a wallet, exchange or another Celsian) into Celsius. This is called whitelisting.
You can’t use a newly whitelisted address for 24 hours. This ensures that no one can gain access to your account somehow and then drain all your crypto.
You can whitelist addresses from the Send page, or from the Coins section that’s just above the Security section discussed earlier.
In the screenshot below, I’ve whitelisted a Bitcoin address, and given it the Nickname of OKcoin. I used this address to send some BTC to my Okcoin account so that I could purchase another token with it.
In the screenshot, you’ll also see the option to Add Address for ETH (Ethereum), USDC (a stablecoin) and CEL (the Celsius token) should I ever want to withdraw some or all of those tokens from my account.
I can also Edit or Remove the current Bitcoin address. Why would I want to do that? Because I can only have one whitelisted address per coin or token type.
So if I want to withdraw some Bitcoin to, say, my Coinbase account, I’ll need to remove the Okcoin address and add the Coinbase address.
Then I’ll have to wait 24 hours until that address becomes available to use for the withdrawal.
Celsius published an article, called Security 101, on its blog. The article outlines steps you can take to make your digital life more secure.
Here’s a video from Celsius Security about the three most important security tips.