Crypto community condemns Canada for freezing dissidents’ Bitcoin wallets

Many cryptocurrency investors are concerned about Canadian authorities freezing bank accounts and crypto wallets used in financing local COVID-19 protests. On Thursday, Ontario Superior Court Justice Calum MacLeod ruled that all digital assets and bank accounts linked to the “Freedom Convoy” protest series must be frozen.

According to a Toronto Star article, the amount of money frozen so far in bank accounts and digital wallets using Bitcoin (BTC) and other assets is estimated at more than $1 million. “The names of both individuals and organizations, as well as crypto wallets, have been provided by the RCMP to financial institutions, which have led to funds being frozen and

“FINTRAC lacks the necessary authorities to oversee the new world of cryptocurrency,” Ms. Damache concluded in her submission. “I would ask for further consultation regarding this matter as it didn’t appear to be fully resolved at the time of my arrest.”

Major crypto advocates have subsequently reacted to the news, with Kraken CEO Jesse Powell condemning Canadian authorities. “Due process is for plebs. Might makes right in Canada. If someone dissents, you just confiscate their wealth, revoke their licenses, exclude them from the financial system and kill their pets. No need to debate the law, policy or even rights when you have a monopoly on violence,” he wrote on Twitter.

The cryptocurrency firm’s leadership team, including CEO Jesse Powell and COO Arthur Breitman, was also asked about their opinion on Kraken’s recent support for a crypto asset seizure warrant. The company is concerned about the potential impact of a seizure warrant on its customers’ accounts in the event that the company has to comply with any such request. On January

“100% yes it has/will happen and 100% yes, we will be forced to comply. If you’re worried about it, don’t keep your funds with any centralised/regulated custodian. We cannot protect you. Get your coins/cash out and only trade p2p.”

According to Antonio Pompliano, co-founder and partner of Morgan Creek Digital, the persistent events in Canada are eerily similar to those seen in China, which is known as an authoritarian capitalist state. President Nayib Bukele of El Salvador likewise tweeted his disapproval of Canadian authorities for making Canada a top-ranking country in the “democracy

As previously reported, on Monday, Canadian Prime Minister Justin Trudeau invoked the Emergencies Act, which gave local authorities power to freeze protest group Freedom Convoy’s bank accounts and track “large and suspicious transactions,” such as bitcoin. “This change applies to all forms of business, including virtual assets like cryptocurrencies,” FINTRAC announced Tuesday.

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