Crypto rapper CoinDaddy has released a new song in which he takes a pop at controversial exchange Coinbase.
Coinbase has been in the headlines a lot recently, and not for the right reasons. Perhaps the biggest controversy to stem from Coinbase was its recent acquisition of Neutrino.
Neutrino was made up of former members of Hacking Team – a group accused of selling “offensive intrusion and surveillance capabilities to governments, law enforcement agencies, and corporations”.
The controversy caused a storm on social media as the campaign #DeleteCoinbase started trending.
It wasn’t long before Coinbase was forced to respond. Its response was to lay off the staff members who formerly worked for Hacking Team.
Before this drama kicked off however, Coinbase had already started to receive some criticism after the exchange announced that it would be adding a feature which would allow customers to back up an encrypted version of their Coinbase wallet’s private keys to the cloud using either Google Drive or iCloud.
CoinDaddy’s latest song, ‘I’m still on Coinbase‘, is in response to Coinbase’s decision to enable the opt-in feature for private key cloud storage.
The first verse has the lyrics: “You are my Trezor, my only Ledger, believe when I say, please get off Coinbase.”
Trezor and Ledger are the two biggest hardware wallet manufacturers in the crypto space. Hardware wallets store crypto and private keys offline. This means they never connect to the internet, which prevents hackers compromising them through a working internet connection.
Hardware wallets are often regarded as one of the better methods for storing private keys and crypto, which is something CoinDaddy alludes to in his lyrics.
This sentiment is echoed later in his song when he sings: “From holding your private keys, no matter the challenge, no matter the risk, you need to control your keys.”
You can hear more of CoinDaddy’s crypto-related songs on his YouTube channel.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.