One of many compelling arguments for Bitcoin is its anonymity. However that was put to the check this week after Canadian authorities sanctioned 34 crypto wallets tied to Trucker’s Freedom Convoy.”
On Thursday, the Ontario Provincial Police and the Royal Canadian Mounted Police ordered all regulated monetary companies to cease permitting transactions from 34 crypto wallets linked to funding trucker protests within the nation.
Then the state of affairs escalated yesterday when the Ontario Supreme Court docket ordered self-custodial crypto pockets supplier Nunchuk to freeze and disclose details about the property concerned within the anti-mandate Freedom Convoy 2022 motion. Nunchuk is a bitcoin pockets that means that you can securely handle your bitcoins from a number of gadgets.
Nunchuk communicated the court docket’s request for data in a put up on Twitter. “Yesterday the Ontario Supreme Court docket despatched us an injunction from Mareva ordering us to freeze and disclose details about property concerned within the #FreedomConvoy2022 motion. This is our official reply,” Nunchuk tweeted.
After being ordered to freeze and disclose details about property concerned within the protests, Nunchuk’s crew responded with the official response, which additional underscores the issue and challenges of censoring and imposing bans on using cryptocurrencies.
“Expensive Ontario Supreme Court docket,
Nunchuk is a self-custodial, collaborative, multisig bitcoin pockets. We’re a software program supplier, not a custodian monetary middleman.
Our software program is free to make use of. It permits individuals to remove single factors of failure and retailer Bitcoin in essentially the most safe means whereas sustaining privateness.
We do not maintain keys. Due to this fact, we can’t freeze our customers’ property. We can’t stop them from being postponed. We have now no information of the existence, nature, worth or whereabouts of our customers’ property. That is intentional.
Please see how self-custody and personal keys work. If the Canadian greenback turns into nugatory, we will probably be there for you too.”
Yesterday the Ontario Supreme Court docket despatched us an injunction from Mareva ordering us to freeze and disclose details about the property concerned within the #FreedomConvoy2022 Transfer.
Right here is our official reply. pic.twitter.com/iuxliXhN5y
— nunchuk_io (@nunchuk_io) February 19, 2022
Based in 2020, Nunchuk’s multisig expertise solves Bitcoin’s single-key downside by enabling decentralized possession and making Bitcoin custody far more resilient to accidents and assaults. In contrast to different exchanges that supply single-key wallets that would result in single factors of failure, Nunchuk protects Bitcoin holders with a number of keys, so shedding a key does not put their funds in danger.