Don't be blinded by the high APY. Don't treat exchanges or Staking-as-a-Service like your savings account. Hard lesson I learned from the last year.

I'm browsing Youtube and stumbled across a video from last year. A lot of "influencers" were promoting high APY and talked about keeping cryptos on exchanges or staking-as-a-Service such as Celcius.

One of those is InvestAnswers.

The shillfluencer

This guy has shilled Celcius and numerous other shitcoins that went to lose over 95% value.

And here were the APY offered back in the day:

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Cryptobuffer Medium

Does 12.5% APY sound great? Probably too good to be true. Back in the day there were numerous articles comparing bank interest with these kind of staking rates. They all forget an important thing is that deposits are not guaranteed with Celcius or many other staking platforms.

We all know what happened after the ponzi went burst:

Coin Gecko

I was one of those lucky ones, I only put a small amount and were able to withdraw before things got ugly. But now still a lot of people are waiting on what's next and Alex Mashinsky.

Mashinsky, who wore t-shirts with slogans such as "banks are not your friends," continued to falsely represent to investors that Celsius was generating high yield through low-risk investments, according to the Reuters.

Never trust any crypto influencers (and probably influences in any field...) and be alert about the high APY. Get your own wallet and store your crypto there. Don't be blinded by those high interest, it's not worth the risk.