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Celcius, The DAO, … q.e.d.

• whatisweb3 4y ago
  Celsius is a centralized custodian, not a blockchain. Anybody can build a company that uses the blockchain technology and accept funds into their USD bank accounts, and after entering insolvency, be unable to pay their creditors. The DAO is a more interesting scenario. Users deposited into a smart contract that had a bug. This happens often in DeFi - see all the recent bridge hacks. The difference with the DAO is that the users were able to withdraw their assets because of a blockchain hard fork.