California is the home of many wealthy people, including various A-list celebrities and Hollywood superstars. Given that such is the case, it shouldn’t surprise anyone that a large number of celebs are starting to flirt with cryptocurrencies. Seemingly the enormous wealth the crypto world has created has given a handful of people the ability to play on the sandy Californian beaches, tempting in some of the locals as a result. However, sometimes things get a little out of hand and the waters become murky.
California has some of the most relaxed and liberal laws in America, and those laws appear to extend into the crypto world. A hacker was caught trying to gain illegal access to Electronic Art’s systems and was ordered by a federal court in San Francisco to pay $750,000 (116.3 BTC) bail in order to be released to a halfway house. He then was afforded a unique opportunity by the judge, who stated that he could pay in any currency he wishes, so the hacker decided to post bail in Bitcoin.
Interesting Use of Power
In America, judges have the power to request bail in any form they wish. It isn’t so much about the money, it’s getting the person to return to the courtroom at a later date. In the past judges have requested bail in various forms, such as real estate or vehicles. Due to the technical nature of the crime, Judge Jacqueline Corley decided to allow the hacker to pay his bail in Bitcoin or any other form of cryptocurrency.
A Sign America is Becoming Crypto-Friendly?
A lot of eyes in the crypto world are focused on America right now, as the SEC mulls over its decision on whether to approve a Bitcoin ETF or not. Several moves to postpone the decision have led to huge slumps in the crypto markets, so a signal America is warming up to crypto would be welcomed. Unfortunately, this doesn’t look like it’s a sign America is warming up to crypto any faster than at its current snail’s pace. It is simply a judge using powers in her rights to set bail for a cybercrime. Hackings of this nature are all too common, even in the crypto world. Last month a popular decentralized crypto exchange was hacked through a bug in a smart contract. As long as there is big money to be made, people will continue to look for flaws and hack companies. This is where bug bounties can provide some respite for the community.
The DEA Prefers Cryptos
Earlier this month, the DEA said that crimes using Bitcoin now commanded only 10% of all Bitcoin transactions, compared to 90% only five years ago. In addition to this, the DEA also said that it has the ability to trace any transaction made using any cryptocurrency – even totally private cryptos such as Monero. This led the DEA to carry on and say that it in fact prefers it when people use cryptos.
Fresh Use for Crypto
As more uses for cryptocurrencies emerge, mass adoption edges closer. In an exclusive interview with BitStarz News, Jonathan Galea said that cryptos and fiat can live symbiotically, meaning that mass adoption most likely won’t wipe out fiat. “I believe fiat currencies and cryptocurrencies will safely co-exist. There is no need for one to make way for the other”, he said.
This court isn’t likely to be the last court to accept cryptocurrencies as a bail payment in our opinion. It only takes one organization to open to the door and others will follow suit. Overall, it looks like California courts are providing those in crypto world with yet another way to spend their digital cash.