- Celsius Network exposed its customers’ data before a US court last week.
- If the data can potentially harm a person, it’s best they legally change their name.
- Avoiding centralized services that gather user data is also a great option.
Last week, the Celsius Network exposed its customers’ data before a US court. The leaked information included names, account balances, transaction histories, and more. The action attracted massive criticism from the crypto community. However, it was a part of the company’s restructuring process in response to its Chapter 11 bankruptcy filing earlier this year.
Namcios, a technical writer at Bitcoin Magazine, suggested a few tips for exposed customers to protect themselves. It is worthy of note that various alternatives exist to solve the issues, but none of it can erase the past. The researcher believes that:
The nearest and most extreme resort is the legal right to change one’s identity if those data points have the potential to injure an individual directly.
Secondly, one may choose to relocate to a different residence. However, that might not be a great deal given that the court permitted Celsius to redact house addresses. Essentially, the unredacted filings are accessible to the US Trustee and counsel to the Committee and any party in interest.
Additionally, exposed users may lessen risks by adopting appropriate privacy-focused technologies. The easy choice CoinJoin: the service won’t erase a user’s transaction history, but their spending going forward wouldn’t be immediately recognizable from the doxxed user. [The action is comparable to how the bank is aware when you use an ATM to withdraw money but unable to tell your subsequent spending.]
Namcios also suggested that avoiding centralized services that gather user data may be the most crucial thing individuals can do. However, financial services providers must follow Know-your-customer (KYC) and anti-money laundering (AML) regulations globally. Despite its usefulness, there are obvious drawbacks, like in the Celsius instance.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
