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Tuesday, May 24, 2022
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    HomeBitcoinCanada Has Frozen And Seized Bitcoin Donations To “Freedom Convoy”

    Canada Has Frozen And Seized Bitcoin Donations To “Freedom Convoy”

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    Final month, the world had shifted its focus in direction of Canada because the Truckers’ protests raged on. In a bid to cease the protests useless in its tracks, the Canadian authorities had chosen to take away the monetary assist for these protesters by blocking their accounts. Supporters and donors had then responded to this by turning in direction of bitcoin donations.

    The Canadian authorities had begun engaged on methods to dam these bitcoin donations. It has lastly succeeded because the Canadian “Freedom Convoy” bitcoins have been frozen and seized by the federal government.

    Canada Seizes Raised Bitcoin

    The protests that erupted in Canada had been the results of the vaccine mandates introduced by the federal government. The residents of the nation who discovered these mandates too excessive had taken to the streets to specific their displeasure with it. Crowdfunding initiatives had naturally adopted in an effort to fund the protests. A big a part of these funds raised via crowdfunding was accomplished with bitcoin.

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    The Canadian authorities has gone after these bitcoins donations the identical approach it did the primary crowdfunding marketing campaign. It had made it identified that it was attempting to freeze the bitcoins raised by the protesters and it appears to be like prefer it has succeeded.

    A report from Vice mentioned that those that had obtained donations in bitcoin have been unable to switch their holdings to any monetary establishments. These are as a result of monetary sanctions which were put in place by the federal government to stop them from spending their BTC. Leaving the truckers in search of workarounds round having the ability to spend their bitcoin.

    Bitcoin price chart from TradingView.com

    BTC on one other restoration pattern | Supply: BTCUSD on TradingView.com

    How Will They Spend It?

    The Vice report outlines truckers who’ve reached out for assist to NobodyCaribou, one of many lead organizers of HonkHonkHodl which had their bitcoins seized by the federal government. A coder entered the image providing to assist cut up up the remaining bitcoins and provides directions on easy methods to entry them.

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    Nonetheless, this will likely be a tedious course of because the coder has defined that they must meet with every trucker to clarify how they might entry the bitcoins. The BTC was distributed into 100 wallets and the data confirmed that some truckers have already begun claiming the bitcoins.

    There’s presently a class-action lawsuit in opposition to the lead protesters and people who organized varied fundraisers. The Canadian authorities has mentioned that it desires to present all the donated BTC from the truckers to Ottawa residents who had been within the areas the place these protests passed off.

    Featured picture from MARCA, chart from TradingView.com



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