Bitcoin (BTC) Donations Frozen and Seized Police Wanted Seed Phrases of Crypto Wallets

Bitcoin Archive shared: BREAKING: Canadian truckers’ Bitcoin donations have been frozen and seized – Motherboard.

Community Response:

“Police wanted the seed phrases for my crypto wallets. Under police compulsion, I provided my seed phrases.”  Bitcoin cryptocurrency. Crypto connected to trucker protest seized by police, fundraiser says in court documents.

Just because you can track it doesn’t mean you know where or to who it goes.

Their wallets are known and linked to KYC exchanges. Simple to track.

What if I’m not on an exchange?

The only Bitcoin seized was what was left in Nobody Caribou’s possession. Had JWWeatherman_ not pushed the pace, it’s likely all of it would have been seized.

Yeah, that’s an interesting point. Too bad the weatherman immediately blocked me when I approached him for an interview lol. I would’ve loved to hear that rationale/plan from him and give him due credit for his work.

Oh so turns out bitcoin is not all that censorship-resistant huh? So what’s the whole point then? Monero. Monero is the only true crypto. Maybe this is a good teachable experience for people. Monero is what they thought Bitcoin was.

If you keep it on exchanges even Monero will get frozen and seized.

So if it’s off exchanges and the address is a flag, how u think u gonna use the BTC.

But remember that now people will start to accept BTC directly. In this case, you will be able to send them the BTC from your wallet. Easy peasy.

True but let’s be honest. People buying BTC, are not spending their BTC. That’s just how it is.

True. But if they’ll be forced, they will use it for sure.

So much for being a safe asset that is free from confiscation.

“Although 14.6 bitcoin… were distributed to the truckers by then, the police came to Nobody Caribou’s home on Feb. 28 and took 0.28 bitcoin…” So 2% of all Bitcoin raised was taken from one person who had their keys stolen by police? Big time L for the Feds tbh.

On-chain BTC is expensive, therefore people are forced to use IOUs. BCH fixes this.

Kraken and Coinbase are getting worse and more!

Indeed. Cold wallets are the only real security. Even then you must be very careful. My seed phrase was lost in a tragic boating accident!

Recommend 3 cold wallets for the comment readers…

Jeez. How to did these guys leave their BTC on exchanges when they’ve already had fiat seized? Looks like they understand bitcoin as well as they understand vaccines.

I’m not arguing, I’m legitimately curious, if they kept the bitcoin on cold storage to distribute it how would the truckers have converted it back to fiat so they could use it without an exchange?

Guessing there goes the nobody can stop Bitcoin narrative. Again.

The narrative was actually “No one can stop Bitcoin when used properly”. As far as I know, that narrative hasn’t been disproven. Remember Bitcoin claims to be censorship-resistant, not dumbass resistant.

If not held on a centralized crypto exchange like Coinbase, Bitcoin is self-custodial by design, which means one can only access their bitcoin if they type those 12 words in exact order. According to Nobody Caribou, police compelled him to reveal his seed phrase.

It’s called peer-to-peer payment. Stop using 3rd parties to facilitate. You can’t stop peer to peer without shutting down on the Internet itself.

Yeah or showing up with a search warrant to the house of one of the peers which is what happened here.

Regulated entities can be forced not to interact with flagged Bitcoin addresses; there’s also a liquidity problem with Bitcoin in that many defi hardly spend BTC directly. Centralized coordination is great but centralized custodian is the problem that led to the seizure.

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