Celsius Network made headlines the other day due to an attack. It’s been revealed that the crypto lending company Celsius Network CEO Alex Mashinsky confirmed in a live stream that the company lost funds in the BadgerDAO hack earlier this week.
“We are working with Badger to recover all those funds. We are collaborating with them on the investigation,” Mashinksy said.
The CEO continued and said the following:
“I want to make sure every Celsius user understands, when things like this happen, we are the ones who lose, you don’t lose because it’s our job to recover the funds, it’s our job to work with these funds, to select good projects versus bad projects and everything else.”
Celsius CEO addresses Bitcoin as a form of payment
It’s been revealed that he does not think that Bitcoin (BTC) has the correct properties to become a suitable payment option.
In a new interview on Coin Stories, Alex Mashinsky talked about the qualities of the US dollar and the king coin.
“I’d much rather be in a scenario where the dollar remains as the reserve currency but Bitcoin continues to do very well…The dollar is a phenomenal form of payment. It’s a horrible store of value and Bitcoin is a phenomenal store value, but it’s a pretty bad form of payment.”
Mashinsky highlighted that it is not a great idea to use Bitcoin to pay for goods and services as he says that people who have done so in the past often regret making the transaction.
“If you fell for Elon Musk’s deal where he gave you a Tesla for two or three Bitcoins, obviously you hate driving that Tesla because you would in a second go back and take those three Bitcoins and return the Tesla, which lost value during the same period of time.”
At the moment of writing this article, BTC is trading in the red, and the coin is priced at $48,228.