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Canada attempts to freeze Bitcoin funds raised for protests

by Edwin Robertson
Highlights:
  • The police warrant includes 34 bitcoins and other cryptocurrency wallet addresses.

  • The wallets listed in the order are said to contain approximately 25 BTC equivalent to over $1 million.

In a new move by the Canadian government to block funds raised by the Freedom Convoy 2022 movement, the country’s federal police have added 34 bitcoin and other cryptocurrency addresses to a blacklist sent to regulated financial institutions.

The Royal Canadian Mounted Police (RCMP) order companies registered with the Financial Intelligence Bureau of Canada, stop transacting with wallets on the list. This was stated by The Counter Signal, which published the information on the afternoon of Wednesday, February 16.

the Release RCMP alleges they are acting under “emergency law” enacted by Prime Minister Justin Trudeau last Monday, the 14th. bitcoin addresses under investigationfor being associated with the raising of funds to finance “illegal acts”.

The Canadian police authority refers to the HonkHonkHodl campaign, created to finance the logistical expenses of the group of truckers who have participated in the demonstrations in the capital Ottawa since last January 28. As reported by CriptoNoticias, the protesters, who oppose compulsory vaccination, turned to bitcoin fundraisingonce the Canadian government blocked other forms of crowdfunding, like GoFoundMe.

blacklisted 29 bitcoin (BTC) addresses listed with assets of around 25 bitcoins, equivalent to over $1 million. Additionally, the list includes addresses for 5 other cryptocurrencies such as Ether (ETH), Litecoin (LTC), Ethereum Classic (ETC), Monero (XMR), and Cardano (ADA).

In addition, the RCMP asked regulated financial institutions share any movement involving the addresses on the list. “Any information about a transaction or proposed transaction relating to these addresses must be immediately disclosed to the Commissioner of the Royal Canadian Mounted Police,” the statement said.

Is the game over for Canadian truckers?

It should be remembered that one of the recognizable characteristics of Bitcoin is its resistance to censorship. If funds collected in bitcoins and other cryptocurrencies by the Freedom Convoy are held in self-custody wallets, they would have the ability to exchange their holdings for Canadian dollars.

UTXO (Unspent Transaction Mixing) services, which use tools such as coinjoin, as well as peer-to-peer exchanges could become viable alternatives for protesters. However, the statement does not specify whether Canadian authorities will use some kind of blockchain analysis service to try to expand the blacklist of addresses.

Some reactions on the social network Twitter show skepticism about the possibility that the Trudeau government can lock funds in bitcoins. Some users think that this type of action by the authorities they will exhibit bitcoin resistance, and will boost peer-to-peer trade.

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