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

Canadian police block over 30 crypto wallets associated with the ‘Freedom Convoy’ truckers
Jordan
Major
Updated: 23 Feb, 2022
3 mins read

A total of 34 cryptocurrency wallets allegedly associated with the Canadian truckers protesting COVID-19 restrictions, which had been raising money with Bitcoin for the Freedom Convoy 2022 campaign have reportedly been blocked.

In particular, the Royal Canadian Mounted Police (RCMP) Canada’s national police force has issued an order requiring all FINTRAC-regulated organizations in Canada to stop interacting with 34 crypto wallets, according to The Counter Signal.

It is still unknown whether or not this request from the police will result in a breakdown in the disbursement of the funds. The order comes after Canadian Prime Minister Justin Trudeau invoked the Emergency Act for the first time since 1988 in response to the continuing trucker protests on February 14.

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

It also adds that:

“Pursuant to the Emergency Economic Measures Order, under subsection 19(1) of the Emergencies Act, there is a duty to cease facilitating any transactions pertaining to the following cryptocurrency address(es).”

One wallet contains over $1 million in Bitcoin

At least one wallet containing more than $1 million in Bitcoin has been verified as being a part of the HonkHonkHodl effort to support truckers through cryptocurrencies, which became one of the critical ways 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 wallet for each of the cryptocurrencies Cardano, Monero, and Litecoin. Each wallet is said to have transacted between $0 and $1.1 million in digital assets.

The police also asked for any information about a transaction or proposed transaction regarding these addresses to be disclosed immediately to the task force.

Trudeau’s government takes action against the protest

The Canadian government is widening the reach of the country’s anti-money laundering and counter-terrorist financing laws and regulations, taking action against crowd-funding websites and the payment processors that they utilize. 

Consequently, they are required to register with the Financial Transactions and Reports Analysis Centre of Canada to report any substantial questionable donations that come their way. The modifications apply to all sorts of transactions, including cryptocurrency.

The government is concentrating its efforts on disrupting the flow of funding to protestors and pursuing individuals who provide financial support to what it calls unlawful protests. 

However, while the authorities are keen to seize any funds associated with the Freedom Convoy, it is likely that this digital currency is outside the grasp of the government of Canada, assuming the funds are housed outside of an authorized Canadian cryptocurrency exchange.


Related guides:
How to Buy Bitcoin in Canada
How to Buy Ethereum in Canada
How to Buy Cryptocurrency in Canada


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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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