Crypto Warning: US Government Could Create Backdoor to Smartphones For Accessing Crypto Wallets

Following the scandal involving Ledger and its flaw that they called a new feature, more dangers await the crypto enthusiasts. Check out the latest reports about the crypto space here.

Former Coinbase chief technology officer Balaji Srinivasan revealed a terrible warning. He thinks the US government could try to use tech giants like Apple and Google to steal crypto from citizens.

Srinivasan says that world governments could be bankrupt in a decade and desperate to seize Bitcoin (BTC) to fund their operations.

“He says the US government probably won’t have the capability to execute a 51% attack on Bitcoin. A 51% attack is when a miner or mining pool gains more than 50% of the network hash rate in order to rewrite the ledger and double-spend prior transactions,” the online publication the Daily Hodl notes.

Srinivasan says China might be able to pull off a 51% attack, but notes that most mining happens outside Chinese borders now, making that outcome less likely.

The former Coinbase CTO says the real “systemic risks” for crypto are Apple and Google.

“Instead, the federal government may try to compel Apple and Google (and other tech companies) to hunt for private keys on the servers, devices, and browsers they control. And to remit any stolen funds to a cash-hungry federal government.”

He continued and stated the following:

“This isn’t cyberterrorism, it’s cyberwar. It’s not some random hacker who manages to sneak out a file. It’s when the CEO of a company gives the lawful order to hack their customers. This is similar to what happened to 140 million Russians designated enemies of the state in early 2022 – every tech company turned on their former customers.”

We suggest that you check out the latest reports about this in the original article. Stay tuned for more crypto news.