Canada Suffocates the Cryptocurrency Market; Freezes $20M in BTC Donated to Truckers

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Opposition activists and drivers are confronted with a harsh reality as Canada begins to crack down on the cryptocurrency supply streaming into the Freedom Convoy’s wallets. An upset group of Ottawa residents has launched a civil lawsuit over the demonstration campaign’s coordinators, citing the chaos prompted by enormous marches, barricades, and other measures of opposition in Canada’s capital city.

This convoy started when some truckers went to Ottawa to oppose mandated COVID-19 vaccines for the western Canadian coast drivers. As a result of the truckers’ actions, the Canadian government has suffered daily trade losses of over $500K. Those living in Ottawa say that the demonstrations have hurt their jobs and mode of living, so they want to ask the court for help getting some “restitution” for the harm it causes.

Before GoFundMe took down the campaign page, the activists raised an estimated $10M in cryptocurrency through a GoFundMe campaign. Ever since, financing has evolved, with protestors progressively relying on BTC to promote their cause.

Canadian Truckers vs. Ottawans

Ottawa residents are already fighting to have over $20M of the entire value generated in donations distributed to inhabitants. The Canadian government is presently waging a never-ending campaign to take protestors’ assets. An allocation will happen if the convoy promoters are sued.

More than one hundred and twenty distinct addresses linked to the LTC, BTC, Monero, and ETH cryptocurrencies were frozen on 18th February when an Ontario judge registered a Mareva Injunction. This means that cryptocurrencies can’t be moved from these addresses. 

The list includes cryptocurrency services and exchanges such as PancakeSwap, Binance Smartchain, Shakepay, BitBuy, Satoshi Portal, Bull Bitcoin, and Nunchuk. Chrystia Freeland informed media on 18th February that the Royal Canadian Mounted Police had instructed cryptocurrency exchanges to block individual addresses, as has previously been the case.

Cryptocurrency Supply Has Been Frozen

Convoy’s accounts and e-wallets should be frozen instantly by MacLeod’s order to all financial institutions,  money transfer companies, crowdfunding platforms or webpages, and cryptocurrency wallet owners. A court order, known as an interdict, is issued in Canada and the United Kingdom to restrict a defendant’s wealth from getting spent, moved, or disguised.

Furthermore, defendants who disobey the Mareva order risk being found in contempt of court and facing jail time, fines, or the loss of their assets. Legal counsel representing the convoy leaders, Keith Wilson, verified via email Friday that they’d not received the order or its supporting court papers, as had been previously stated.

The Battle Goes On

Given the large government reaction, activists vow to continue their fight until every pandemic prohibition is lifted in Canada. Meanwhile, the protests have turned into a large anti-government and anti-Trudeau rebellion, with several protestors calling for a never-ending resistance campaign until the prime minister steps down. During the first incident, Prime Minister Justin Trudeau of Canada invoked the Emergencies Act on 15th February, giving law enforcement authorities more authority to quell the unrest.


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