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Sunday, March 19, 2023

Canadian Police Freeze Crypto Wallets Tied to Freedom Convoy Protests

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Canadian Police Freeze Crypto Wallets Tied to Freedom Convoy Protests – Under the Emergencies Act, which Prime Minister Justin Trudeau recently invoked, Canada’s national police have written to bitcoin exchanges requesting that they freeze at least 34 crypto addresses reportedly linked to the Freedom Convoy rallies.

As the police promise to retake Ottawa, banks have also received letters regarding “designated persons” linked to the protests.

The Royal Canadian Mounted Police (RCMP), Canada’s federal police department, is said to have written letters to financial institutions, including banks and cryptocurrency exchanges, including a list of names and crypto addresses.

Also Read: Bitcoin Sinks 7% as Russia-Ukraine Tensions Rise

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With a list of 34 crypto wallet addresses provided, the letter to crypto exchanges requests that they “stop supporting any transactions.” The RCMP claimed that these wallet addresses were linked to the Freedom Convoy rallies, writing:

The Ontario Provincial Police and the Royal Canadian Mounted Police are examining cryptocurrency donations made in connection with unlawful conduct covered under the Emergency Measures Act.

“There is an obligation to cease supporting any transactions relevant to the following cryptocurrency addresses pursuant to the Emergency Economic Measures Order, under subsection 19(1) of the Emergencies Act,” the letter adds.

According to a letter obtained by the Counter Signal, 29 of the 34 crypto addresses are bitcoin (BTC) addresses and two are ethereum (ETH) addresses. Cardano (ADA), monero (XMR), and litecoin (LTC) addresses are the last three.

According to the publication, the Honkhonkhodl effort to help truckers included at least one wallet carrying over $1 million in bitcoin, with each wallet having transacted bitcoins worth between $0 and $1.1 million.

“Any information about a transaction or prospective transaction in respect of these addresses must be immediately revealed to the Commissioner of the Royal Canadian Mounted Police,” the RCMP warned.

The RCMP allegedly sent a separate type of letter to traditional financial institutions, like as banks. According to the Globe and Mail, which cited a source who examined the document, the letters to banks name roughly 20 people that the police have identified as being involved in actions related to the Freedom Convoy protests.

Also Read: Bitso Expands to Colombia Amidst Growing Cryptocurrency Adoption in the Country

The letters include photographs and profiles of the individuals, some of whom are said to be the key organizers of the protests.

The Canadian Bankers Association (CBA) stated that the RCMP had sent letters to banks regarding “designated persons.” Financial institutions must now provide the RCMP or the Canadian Security Intelligence Service with certain customers’ banking information and transaction records. They can, however, choose whether to freeze accounts or turn off services.

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