Monday, December 05, 2022

Canadian Court Freezes Millions Convoy Protester Funds Including Bitcoin – Decrypt

An Ontario Superior Court judge has issued an order freezing millions of dollars in funds, including some of these Bitcoin and other cryptocurrencies, as protests against the Ottowa convoy continue, per globe and mail,

The freezing order—otherwise known as the Mareva injunction—was made late yesterday as part of a wider lawsuit filed by Ottawa residents against the convoy.

“I can confirm that this is a successful first. Mareva’s order in Canada targets bitcoin and cryptocurrency exchanges,” Paul Champ, attorney for the residents of Ottawa—the plaintiffs—told. globe and mail,

The Canadian government is involved in an ongoing effort to confiscate the protesters’ funds. The freeze order, a separate process, is intended to potentially redistribute the money to the citizens of Ottawa — about $20 million at the time of writing. The redistribution will happen only if the trial against the convoy is successful.

The order was issued by Justice Callum McLeod, who has told the convoy protesters that they are prohibited from “selling, removing, destroying, alienating, transferring” any property taken in connection with the ongoing protest. .

Keith Wilson, the lawyer representing the convoy protesters, told globe and mail via email today that “we have not been served with the order or the relevant court documents.”

Ottawa Protest and Bitcoin

The protest in Ottawa – which has been going on for almost three weeks now – began in protest Against the COVID-19 Vaccine Mandate,

The convoy, dubbed the “Freedom Convoy” by supporters, has gathered near Parliament Hill in Ottawa. Protesters, Peru globe and mailsuccessfully raised about $10 million on a GoFundMe page before the fundraising platform took the page down.

Since then, fundraisers have become more inventive, with protesters relying more and more on cryptocurrencies.

Jordan Peterson, an outspoken Canadian public intellectual and convoy supporter, recently tweeted“Thank God for bitcoin.”

What does Mareva command?

The Ontario Court’s Mareva order specifically targets entities that have been confirmed to hold assets for the convoy themselves – such as established Canadian banks including TD Canada Trust and ATB Financial.

The order has also targeted its crosshairs at 150 cryptocurrency wallets. Vancouver entrepreneur Jeffrey Booth has reportedly been named in the order.

“I’m a keyholder for that – that’s it. I haven’t raised a dollar. I haven’t donated a dollar of my own and I’m not an organizer. I’m just a keyholder in a decentralized platform,” Booth explained. globe and mail During an interview last week.

Those affected by Mareva’s order are now forced to provide residents of Wadi-Ottawa an “oath statement” that describes the nature, value and location of their financial assets.

If a person refuses to comply with this order, he can be found guilty of contempt of court.

And turning to bitcoin to bypass any court order will not be easy. Earlier today, Kraken CEO Jesse Powell said that the crypto exchange will be “forced to comply” with law enforcement, soliciting users To take their crypto off the exchange if they are concerned.

“We will be forced to comply. If you are concerned about this, don’t keep your funds with a centralized/regulated custodian. We can’t protect you. Take out your coins/cash and just do peer-to-peer trading, Powell tweeted.

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