Daily Digest 2/22
Insight on the biggest stories of the day. “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”
Lil Yachty, Soulja Boy Sued For Safemoon Pump & Dump Scheme
With so many schemes going on in the cryptocurrency space it is hard to keep track of whos losing money where. Still one of the most popular and probably well-known schemes is still ongoing with SafeMoon. Celebrity after celebrity lined up to give them an endorsement and propelled $SAFE to the moon for a bit of time.
Over the last couple of days, it has come out that some of those celebrities, including Jake Paul, Lil Yachty, and even Soulja Boy, are now being sued for their part in what the prosecutors are calling a “slow rug pull.” Part of the scheme they are claiming was that the founders of SafeMoon and these celebrities would post misleadingly enthusiastic posts to get people to buy while the founders just sold off slowly.
The bad news is that most of the time when a case like this comes up nothing happens to the celebrities. This is mostly because it is hard to prove that they were deliberately being misleading. While this is bad news for the investors it just goes to show that you need to be even more careful with altcoins promising the world.
Coinbase Wallet extends support to Ledger hardware wallet
Coinbase is doing everything that it can to add to its world-class platform. They are already in the midst of building their NFT marketplace and have their own web3 wallet, “The Coinbase Wallet.” This wallet allows you to directly tie your main Coinbase account to an Ethereum based wallet so you can explore the world of Defi.
We know how dangerous the Defi space can be for users to navigate as there is always something lurking around the corner trying to separate you from your money. This is why Coinbase is now partnering with Ledger so you can keep your funds in a cold storage solution. Putting your funds on a Ledger device means that they are not stored online; however, it is stored offline in a USB device that cannot be accessed.
“We want to empower everyone to use DApps and access Web3, and that requires building the easiest-to-use and most accessible self-custody wallet in the ecosystem. Today’s release solves [..] the ability to use a hardware wallet for enhanced security” said Adam Zadikoff senior product manager at Coinbase. You can never be too safe as there are many forms of malware that could instantly steal your information such as Mars stealer which is an upgrade from Oski trojan which is used to steal information such as private keys.
California Lawmaker Introduces Bill for State To Accept Crypto Payments
California is one of the more progressive states when it comes to its laws. They were one of the first to make marijuana legal for medical use and even more recently they introduced a bill to phase out gas cars for the betterment of the environment. California is taking another step into the digital age and has introduced a bill that will allow state agencies to accept cryptocurrency as a form of payment.
“This bill would authorize a state agency to accept cryptocurrency as a method of payment for the provision of government services,” said Sydney Kamlager, Senator of California. The bill which was introduced on February 18th has not been passed yet but is a part of a broader effort to bring cryptocurrency adoption to the state.
There is even a bi-partisan effort by Ian C. Calderon, another Senator of the state, and Dennis Porter, an expert on Bitcoin, that would make BTC legal tender in California. California is not the first state to be looking deeper into this crypto stuff as they are still slightly behind Miami and New York. Both of which have their own “City Coin” which will be used to help the infrastructure of those cities.
