Last Updated on June 19, 2023 by COINBUZZFEED
Former Coinbase Chief Technology Officer (CTO), Balaji Srinivasan, has raised concerns regarding the potential involvement of major tech companies such as Apple, Google, and Microsoft in the seizure of cryptocurrencies. In a recent statement, Srinivasan highlighted the risks that could arise if G7 nations allow the confiscation of digital assets. He emphasized the access these tech giants possess to users’ operating systems, warning that this could spell trouble for crypto holders, especially during times of economic instability.
Srinivasan outlined a scenario where governments, enabled by G7 policies, could seek assistance from technology companies in accessing and seizing private keys belonging to crypto holders. He suggested that rather than resorting to a 51% attack, the federal government might compel these tech giants to scan devices, locate private keys, and surrender them to the authorities. This process could be facilitated by the access that companies like Apple and Google have to users’ operating systems.
According to Srinivasan, the systemic risks posed by Apple and Google to the crypto industry are significant. He argued that their control over operating systems, combined with the potential government pressure to aid in crypto seizures, creates a worrisome scenario for cryptocurrency holders. In his view, these tech companies, which enjoy widespread user adoption and influence, could be instrumental in compromising the privacy and security of individuals’ digital assets.
