FAQs

This week, a major statement was released by the U.S Chamber of Commerce in support of crypto, and even openly criticizing the SEC’s actions as being “unlawful” in the digital assets market. What’s more, this statement was even filed to the Coinbase v SEC case, giving it extra legal importance.

The US Chamber of Commerce is a major player in the US digital sphere, with a wide reach in the sector and in the wider industry. Their word holds a lot of weight, and is sure to be given serious consideration in the court of the Coinbase v SEC trial.

The statement itself was a powerful one, knocking down the SEC’s authority in the space. The most damning section reads: “As it stands today, nobody knows for certain which digital assets, if any, are securities under federal law.” This lack of knowledge and regulation makes the SEC’s attempts to sue crypto companies under securities law a particularly weak argument.

Overall, it’s great to see that crypto is gaining more and more support from big players like the U.S Chamber of Commerce. This is sure to give crypto companies a major boost in the face of any unlawful lawsuits they may face.

Well, John Baloney is at it again. It looks like he has duped investors by leading them to believe that owning Safemoon tokens gave them a stake in the Safemoon company. But what do we know about this company? Not much, unfortunately.

It appears that Baloney and his team take the funds generated through Safemoon activities and put it into the Safemoon company. This company is supposed to generate value for investors, but so far there’s been no evidence of that.

This news follows the liquidation of the Safemoon company in Lithuania. It’s still unclear what this means for the company and its investors. Unfortunately, it looks like many investors have already lost money.

One investor commented, “I always leave out usernames. They’ve suffered enough.” Another said, “At least investors are seeing the light, though it’s far too late.”

It’s not surprising that some investors are still hopeful and saying ‘buy the dip.’ But as always, it’s important to be careful when investing and to understand what you’re getting into. In this case, it seems like many people have been taken advantage of.

Recently Ledger launched a feature called Recover, which is an optional feature that backs up your cryptographically split seed phrase for a subscription fee. With this, users are required to submit their identity for setup and verify it for recovery. The community has made several valid points about this feature, which prompted this megathread.

Ledger had previously stated that a firmware update could not change the fact that your private keys never leave the secure element. However, a firmware update has shown that this is not the case. In addition, Ledger had a major data breach in the past, raising concerns about the security of the system. Even if this feature is optional, it means code has been added that allows transmission of your seed phrase to the internet. This could cause Ledger to no longer be considered a cold wallet.

Furthermore, parts of the Ledger architecture are still not open source. While this has not changed with Recover, adding major changes to closed source software can raise questions about trust. Additionally, the three companies could potentially be subject to hackers or government pressure.

Finally, identity and information based verification has weakened over time due to data breaches. Even KYC systems, which are supposedly meant to protect you, can end up being compromised.

All of these factors bring into question the safety of Ledger’s Recover feature. With this in mind, it is important to evaluate how Recover works and what the potential risks are when using it. Ledger has a responsibility to their customers to keep their data secure, so it is essential that users remain aware of the risks and make sure to keep their funds safe.

Cryptocurrency is a revolutionary asset class that has taken the world by storm. Unfortunately, with its rise in popularity, it has also become a favorite target of hackers and scammers. Every day on different forums, we hear stories of people who have had their crypto stolen due to poor security practices. It’s important to remember that it’s not the crypto that gets hacked, it’s you. Poor security practices such as weak passwords, clicking on suspicious links and websites, investing in shitcoins, not making a burner wallet, and not checking addresses for sending/receiving crypto can all lead to disaster.

It’s important to be cautious when investing in cryptocurrency and to be fully responsible for the security of your own wallet. It’s also important to know the difference between getting hacked and getting scammed. Oftentimes, people are actually getting scammed rather than hacked, and then blame crypto for their losses.

Common scams to watch out for include free giveaways (where someone promises to send you a large amount of money if you pay a fee), fake exchanges, phishing links, and sending seed phrases to support. When investing, it is also important to watch out for shitcoins that may be rug pulled and to exercise caution when using the internet.

A tragic example of the consequences of not taking proper security measures is the story of a Canadian man who lost his life savings in a crypto scam. He invested $250 in a crypto he found on a YouTube video, only to have it disappear. It just goes to show that it pays off to be extra careful when dealing with cryptocurrency.

In conclusion, it’s important to remember that when it comes to cryptocurrency, it is ultimately the user’s responsibility to ensure their security. By taking the necessary precautions such as using strong passwords, being aware of common scams, and exercising caution when using the internet, you can protect yourself and your crypto from hackers and scammers.

Sometimes, when I’m feeling particularly daring, I dip my toes into the degen pool of crypto gambling. I’m aware of the scams, rugs, and other risks that can come with it, but it can be a lot of fun, and you never know when you might get lucky. More often than not, however, you’re left with a pile of dirt in your wallet.

Recently, I came across something that piqued my interest. I was scrolling through Dextools, a platform where you can swap tokens, and I saw a brand new contract. Out of boredom, I swapped a small amount of Ether from my junk wallet for a token called LIME. I set up to swap it back at the slightest gain, and after a few moments, it looked like that might have been the case. However, when I tried to swap it back, I got a prompt asking me to “Approve LIME”. That was strange and unexpected, so I approved it again, only to get a message saying “Not sufficient liquidity”. I had been rug pulled.

I was angry, but I decided to follow the money to see where the scammer had gone. To my surprise, the creator’s wallet had a cool 27 ETH sent to a new wallet. I was hot, so I did the illogical thing and bought the same token the scammer bought – NUT.

This experience has shown me that there’s a lot more happening on the blockchain than I initially thought. It’s a wild west, and you never know what might happen next.

I couldn’t believe my eyes when I read about Ledger’s new feature, “Ledger Recover”. It’s a service that allows users to back up their secret recovery phrase online, and requires a passport or national identity card. This seems crazy for a hardware wallet provider, especially one that has previously suffered a data breach!

The release notes state that Ledger Recover is compatible with Ledger Nano X and available on Android and iOS running the latest Ledger Live version. Passports or national identity cards from the European Union, the United Kingdom, Canada, or the United States are currently required to subscribe to the service. This feature is concerning for a few reasons.

First of all, it’s risky to store such sensitive information online, especially with a company that has previously been hacked. It’s also concerning that it goes against the general advice of never sharing your seed phrase and never storing it online. This opens the door to a whole new level of crypto-related scams.

I’m really hoping that Ledger will reconsider this feature. It’s too risky and goes against the advice that we’ve all been given for keeping our crypto safe. Let’s hope that Ledger will come up with an alternative solution that is safer and more secure.

It’s no secret that the Australian government recently passed a law limiting cash payments to $10,000, however, this law wasn’t supposed to apply to your own bank account. I found this out the hard way when I tried to withdraw $10,000 from Commonwealth Bank, where I have had an account for over 20 years. I requested the money preferably in $50 notes, but could accept some in hundreds if necessary. When I asked for the money, the teller asked me what I wanted it for. I said it was my money and I wanted it. They told me they had to know what it was for because it might be for a scam. I said it wasn’t a scam and I wanted my money. The teller then called the manager and told her I wanted to withdraw $10,000. The manager asked me why and told me I had to answer. I told her I wanted it because I was making a tik-tok video of how much cash I could feed a bear. Needless to say, this was a mistake, because she responded, “That’s a new one”, and then said she could only give me $5,000 and would that be okay? Understandably, I was frustrated by this experience because I should not have to justify to anyone why I want to keep my own money as cash.

This experience highlights the reality that Australians are now subject to scrutiny and restrictions when it comes to their own money. The government’s cash limit law is an infringement on Australians’ rights to manage their own money. It is a breach of our freedom and privacy, and it implies that the government has the right to interfere in our financial affairs.

The government’s cash limit law is a misguided attempt to combat criminal activity. It is true that criminals often use cash to launder money and evade taxes, however this law will not stop criminals from doing these things. Criminals will simply find other ways to conceal their illegal activities. The law will only make it harder for honest Australians to access and manage their own money.

The cash limit law is also a regressive policy that will disproportionately affect low-income earners and people in rural and remote areas. These people are more likely to rely on cash payments than those in urban areas, and the law limits their ability to access and manage their own money.

The government’s cash limit law is an unnecessary restriction on Australians’ freedom and privacy, and it is a regressive policy that will disproportionately affect low-income earners and people in rural and remote areas. It is a misguided attempt to combat criminal activity that will ultimately be ineffective. Australians should have the right to manage their own money without interference from the government.

It was a regular morning when I woke up to some shocking news. The Ledger device, which many of us had been using for years to store our crypto, may be putting our funds at risk.

The speculation that the Ledger device could expose our seed phrase to the internet had been circulating for a while, and people were expecting updates. Eventually, we got them. It turns out that the Ledger device can expose your seed phrase to the internet, even if you don’t choose to opt-in for the “recovery services”. All it takes is for the French government to knock on their door and ask for it.

This means that our funds stored in Ledger are actually less safe than funds stored on MetaMask. At least we don’t have any confirmation that other hot wallets can access or keep copies of our seed phrases.

It was nice while it lasted, but it’s game over for Ledger.

To those people downvoting my comments, I’m also a Ledger user. I’ve been using it for multiple years to store my crypto. I’m not happy that this happened and I hate the upcoming inconvenience of buying new wallets and sending crypto back and forth. But unfortunately, this is the reality.

Some people have argued that you can choose not to opt-in, but the truth is that you can’t opt out of the device being able to leak data to the internet. You can only opt out of Ledger doing it with intent.

Ledger recently doubled down on their stance on Twitter spaces. They described the product without addressing the relevant comments and concerns.

It’s a sad day for Ledger users, and it’s a reminder of the importance of being careful when managing our crypto. It’s always important to stay informed and to take all the necessary precautions to protect our funds.

Wells Fargo has been slapped with yet another hefty fine, this time to the tune of $1 billion, adding to the $3.7 billion fine they were hit with in December 2022. Unfortunately, this news has been largely overshadowed by the recent surge of the stock market, and the mainstream media has been silent about this latest scandal.

It is particularly egregious considering that their scamming began all the way back in 2016, and they have had nearly a decade to get away with their actions. The $4.7 billion fine is a drop in the bucket compared to the profits they have likely made from the scam. Adding insult to injury is the fact that the $10 billion in customer funds lost from FTX is far less than what Wells Fargo has taken from its victims.

It is not just Wells Fargo that is caught in a cycle of violations. Most major banks are caught in 3 – 7 violations every single year. Wells Fargo’s misdeeds included wrongfully repossessing customer vehicles, improperly rejecting thousands of customer applications to modify their mortgages which lead to many losing their homes to foreclosure, charging illegal “surprise overdraft fees” on customers’ debit card transactions and wrongfully freezing more than 1 million consumer banking accounts.

The consequences of this neglect are devastating for those who have been scammed. People have lost their homes, their cards, and their funds to Wells Fargo and other major banks. It is quite ironic that the public makes such a big deal about crypto-currency scams, when the scope of financial fraud from banks is so much larger and more far-reaching. It appears that we are still deluding ourselves when it comes to the dangers of entrusting our money to these institutions.

With the most recent Ledger update, a new Recovery feature has been enabled, which allows the user to divide and send their seed to different custodians for later retrieval. While this may sound convenient, it is a huge red flag and could indicate that the Ledger wallet is no longer secure.

The update allows the user to export their private keys, which is a major concern as this defeats the entire purpose of having a hardware wallet. This is especially worrying considering the fact that the secure element is able to transmit the seeds which is a vulnerability until proven otherwise.

Ledger was quick to provide an explanation of how the Recovery tool works and how it shares the seed, but this has not been enough to put everyone’s mind at rest. After much speculation, Ledger has pulled the update and likely cancelled the entire thing.

It is important to note that just because the update can be skipped and the feature is subscription only, this does not necessarily mean that the Ledger wallet is secure. Even if there is no active firmware leak, the fact that the secure element is able to transmit the seeds is still a major concern.

Ultimately, the decision to use the Ledger wallet is up to the individual and they must weigh up the pros and cons of using the wallet. It is also important to keep an eye on any updates that may be released in the future.