Canadian police block over 30 crypto wallets associated with the ‘Freedom Convoy’ truckers | Finbold

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A complete of 34 cryptocurrency wallets allegedly related to the Canadian truckers protesting COVID-19 restrictions, which had been elevating cash with Bitcoin for the Freedom Convoy 2022 marketing campaign have reportedly been blocked.

Specifically, the Royal Canadian Mounted Police (RCMP) Canada’s nationwide police power has issued an order requiring all FINTRAC-regulated organizations in Canada to cease interacting with 34 crypto wallets, in response to The Counter Sign.

It’s nonetheless unknown whether or not or not this request from the police will lead to a breakdown within the disbursement of the funds. The order comes after Canadian Prime Minister Justin Trudeau invoked the Emergency Act for the primary time since 1988 in response to the persevering with trucker protests on February 14.

“The Ontario Provincial Police and Royal Canadian Mounted Police are presently investigating cryptocurrency donations being collected in relation to unlawful acts falling below the scope of the Emergency Measures Act,” the RCMP order states.

It additionally provides that:

“Pursuant to the Emergency Financial Measures Order, below subsection 19(1) of the Emergencies Act, there’s a obligation to stop facilitating any transactions pertaining to the next cryptocurrency handle(es).”

One pockets comprises over $1 million in Bitcoin

No less than one pockets containing greater than $1 million in Bitcoin has been verified as being part of the HonkHonkHodl effort to assist truckers by means of cryptocurrencies, which turned one of many crucial methods of contributing to the truckers following GoFundMe’s decision not to distribute $9 million raised on its platform.

The federal police have listed 29 Bitcoin addresses, two Ethereum addresses, and one pockets for every of the cryptocurrencies Cardano, Monero, and Litecoin. Every pockets is alleged to have transacted between $0 and $1.1 million in digital belongings.

The police additionally requested for any details about a transaction or proposed transaction concerning these addresses to be disclosed instantly to the duty power.

Trudeau’s authorities takes motion in opposition to the protest

The Canadian authorities is widening the attain of the nation’s anti-money laundering and counter-terrorist financing legal guidelines and rules, taking motion in opposition to crowd-funding web sites and the fee processors that they make the most of. 

Consequently, they’re required to register with the Monetary Transactions and Studies Evaluation Centre of Canada to report any substantial questionable donations that come their manner. The modifications apply to all kinds of transactions, together with cryptocurrency.

The federal government is concentrating its efforts on disrupting the movement of funding to protestors and pursuing people who present monetary assist to what it calls illegal protests. 

Nevertheless, whereas the authorities are eager to grab any funds related to the Freedom Convoy, it’s seemingly that this digital forex is outdoors the grasp of the federal government of Canada, assuming the funds are housed outdoors of a certified Canadian cryptocurrency exchange.

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