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Balaji Srinivasan (Balaji Srinivasan) said in an interview for the Impact Theory podcast that if G7 countries decide to allow confiscation of digital assets, megacorporations could reach out to authorities.
According to Srinivasan, tech giants could easily scan mobile devices to find and transfer private cryptocurrency wallet keys to authorities if they ever ordered them to do so:
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“If the G7 countries have money problems, then much of the world will depend on whether the G7 leaders and China can get access to digital assets.”
An ex-top cryptocurrency executive explains in detail why he thinks big tech corporations can help governments.
“The biggest risks are Apple, Google and Microsoft because they have access to operating systems. In fact, that’s what worries me the most.. Apple has software updates, and Google can get into your Google Drive, and Microsoft has Windows. That’s why, in theory, they can scan your hard drive and extract your digital assets,” Srinivasan believes.
Coinbase, along with Binance, are now under scrutiny by U.S. authorities. The U.S. Securities and Exchange Commission (SEC) prosecution of both exchanges, where the regulator accuses the venues of listing and selling unregistered securities, has rattled the markets. Both exchanges lost about $4 billion in less than a week, Nansen and Glassnode said;
According to analysts at Santiment, trader sentiment collapsed to the negative levels seen in March 2020.