Canada, crackdown on Freedom Convoy crypto wallets
Canada, crackdown on Freedom Convoy crypto wallets
Crypto

Canada, crackdown on Freedom Convoy crypto wallets

By Eleonora Spagnolo - 17 Feb 2022

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Canada’s Prime Minister Justin Trudeau has clamped down on the Freedom Convoy’s no-vaxers by blocking cryptocurrency wallets. 

The decision comes at the height of a tense period.

Canada, Freedom Convoy’s cryptocurrencies targeted by authorities

According to local sources, the Canadian Prime Minister has issued a direct order to companies regulated by FINTRAC to stop transactions involving at least 34 cryptocurrency wallets associated with Freedom Convoy.

These wallets hold a total of $1.4 million in Bitcoin. One wallet in particular would hold $1 million in BTC alone.

Justin Trudeau’s targets are::

  • 29 Bitcoin addresses;
  • 2 Ethereum addresses;
  • one Cardano address,
  • one Monero address
  • one Litecoin address. 

However, it will be difficult to seize the content, especially if the wallets in question are not associated with exchanges. Indeed, it is likely that now that they are in the crosshairs of the authorities, the holders will use mixers to make the BTC disappear

Justin Trudeau
Justin Trudeau

The Freedom Convoy protest

“Freedom Convoy” is the name by which Canadian truck drivers have become known around the world, protesting against the government‘s extension of the vaccination requirement to contain Covid-19. This measure would prevent the no-vax people from being able to transit to and from the United States. 

In short, the protest has escalated in opposition to any kind of anti-infection measure, including lockdowns. 

For weeks, members of the Freedom Convoy have been holding Canada’s capital Ottawa in check. 

Prime Minister Justin Trudeau has decided, for the first time since it was established, to use the Emergency Act. This gives him special powers, including the power to freeze the bank accounts of protesters. And also crypto wallets, if these are centralized. 

Fundraising with Bitcoin

The Freedom Convoy movement funded itself with Bitcoin through the HonkHonk Hodl campaign. Through donations that were also made through the Lightning Network, an estimated 20 BTC were raised.

Trudeau probably wants to block the wallets associated with this fundraising. 

The Freedom Convoy is not the first protest movement to finance itself with cryptocurrencies. In Ukraine, paramilitary movements are also financing themselves with cryptocurrencies in order to be prepared for a possible war with Russia.

The point is that cryptocurrencies are difficult to seize, given the right precautions, due to their decentralization. This makes them more useful than classic bank accounts, which can be easily blocked. 

 

Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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