Be careful with your crypto holdings and what you do with it

dunfida

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Quote from: Sandra_hakeem on June 19, 2024, 05:57:18 PM

Quote from: Mia Chloe on June 15, 2024, 05:20:22 PM

I am not sure how they got to know she had such amount of coins in her possession , infact I really am not sure how authentic the news is. Anyways I just see this post as a reminder for Bitcoin hodlers to maintain maximum security of their holding wallets in any way possible.

That's very easy... The US cyber security teams could trace transactions coming through/going out of the wallet.. Also, most transactions could be performed in bits via CEXs since - atleast majority of P2P transactions are carried out there.

It wouldn't have been too much of a problem if she didn't get an entanglement with already-confirmed money laundering cases.. Secondly, on normal ground, that looks like too much for someone in her position to have. I haven't heard enough stories as to what happened next so I wouldn't conclude.

On the moment that you would really be touching up those centralized platforms then the account which the fund or coins been passed on is verified then expect that you would really be ending up like this.
Everything which is centralized could really be traced up specially if its really that abiding on government rules and conditions then expect that you would really be that checked out immediately
considering that the said amounts that we are talking on here isnt something that too small. Government are really that too highly reactive if they sense big money. Grin

Possible confiscation of funds?
Huge taxes?
Further investigation?

One of the worst condition once you do make yourself known that you do have so much money on which
it isnt really that shocking anymore.

HelliumZ

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Quote from: krishnaverma on June 15, 2024, 06:13:58 AM

Cam across this news

https://www.bbc.com/news/articles/cn001yr88zgo

So a gentle reminder is to follow law with all your crypto related activities.

Of course, it is important to note that holding two billion dollars worth of bitcoins in a wallet must be considered money laundering under the Money Laundering Act. According to the country's money laundering rules, if the tax is not paid from that amount of bitcoins, it is of course punishable by law, which the woman has already received with a six-year jail term. In my country the rule is more strict because if someone is caught with that amount of bitcoins then the government will have to suffer more severe punishment including confiscation of those bitcoins. That's why talking about Bitcoin in public is officially banned in my country.

boyptc

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Quote from: glendall on June 19, 2024, 11:48:08 AM

as long as we buy with personal money regularly and for investment purposes, I don't think there will be a problem even if it's only up to 10-12 BTC if it's just a normal owner, even then we're smart enough to save our assets so they're not visible to the public and always remain anonymous, don't public opinion if we have btc

I'm confused what you're trying to say here. It's about that woman that has been jailed because of her involvement to fraud and money laundering.

And that investment purposes probably have been scammed from all of their victims which syndicate that she's involved with.

Quote from: serjent05 on June 19, 2024, 09:45:58 AM

But in the case presented by @OP, the woman is surely committing crimes and there is evidence of fraud, tax evasion, and money laundering. It is sad that this woman use cryptocurrency to cover his dirty antiques until exposed and apprehended.

They are doing old dirty tricks here, Bitcoin has been known for that before and that's the description in the past. Being used for illegal activities, trades and crimes.

Even with this kind of reports, it won't change the fact now that it's a mainstream investment already.

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Quote from: Mia Chloe on June 15, 2024, 05:20:22 PM

I am not sure how they got to know she had such amount of coins in her possession , infact I really am not sure how authentic the news is. Anyways I just see this post as a reminder for Bitcoin hodlers to maintain maximum security of their holding wallets in any way possible.

That's very easy... The US cyber security teams could trace transactions coming through/going out of the wallet.. Also, most transactions could be performed in bits via CEXs since - atleast majority of P2P transactions are carried out there.

It wouldn't have been too much of a problem if she didn't get an entanglement with already-confirmed money laundering cases.. Secondly, on normal ground, that looks like too much for someone in her position to have. I haven't heard enough stories as to what happened next so I wouldn't conclude.

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Quote from: krishnaverma on June 15, 2024, 06:13:58 AM

Cam across this news

https://www.bbc.com/news/articles/cn001yr88zgo

So a gentle reminder is to follow law with all your crypto related activities.

as long as we buy with personal money regularly and for investment purposes, I don't think there will be a problem even if it's only up to 10-12 BTC if it's just a normal owner, even then we're smart enough to save our assets so they're not visible to the public and always remain anonymous, don't public opinion if we have btc

serjent05

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Quote from: MeGold666 on June 15, 2024, 07:40:43 AM

Quote from: krishnaverma on June 15, 2024, 06:13:58 AM

So a gentle reminder is to follow law with all your crypto related activities.

Even if laws are abusing and inhuman ?

If we don't want to end up behind bars, we must abide the law. If the government implements that Bitcoin is illegal and people using such cryptocurrency is committing a crime then as a citizens of the country we have to follow the law but it does not mean we will just follow it blindly if we feel that it is oppressing every individual, we can file a petition along with the people who have the same belief for the government to consider revising such law. It may take some time but I believe eventually someone from the position will consider the petition about cryptocurrency if the reason is good enough that it won't harm the country's economy and its citizens.

But in the case presented by @OP, the woman is surely committing crimes and there is evidence of fraud, tax evasion, and money laundering. It is sad that this woman use cryptocurrency to cover his dirty antiques until exposed and apprehended.

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Quote from: Mrbluntzy on June 16, 2024, 05:21:19 AM

Quote from: krishnaverma on June 15, 2024, 06:13:58 AM

Cam across this news

https://www.bbc.com/news/articles/cn001yr88zgo

So a gentle reminder is to follow law with all your crypto related activities.

I took a glance at the news but all I can see is that the bitcoin the woman held was linked to money laundering and that was why she was jailed. If after discovering her with such amounts of money and after investigation the bitcoin was not link to money laundering, she will be free.

Yes and money laundering is a big crime and that woman is certainly been held liable for her action. It was too sad that it links to Bitcoin and put it in question.
That was clear enough to say that bitcoin is not the reason and besides, it was not a crime to buy/sell even if it was not legal in the country. It is sad to know that some people use bitcoin as a tool for laundering which the government claims that it causes some criminal activities. It is against the law and that woman compromises everything she had and bitcoin reputation as well.

Catenaccio

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Quote from: mindrust on June 18, 2024, 10:49:22 AM

Then be smarter than them and don’t get caught. Otherwise they will make you suffer. Mind that, Being smart is a combination of various actions. Let’s say you are evading taxes (which I never recommend but if you are going to do it, do it smart) but it is only a few ten thousand bucks ( I am making up a random small number which can change for every country) then you might get away with it because the tax authorities will be spending their resources to catch bigger tax evaders first. That was just an example. What I mean is, it is important to keep the low profile.

When governments force their organizations, facilities to apply technology more seriously and force citizens to do more things in society through online systems and applications, they have almost all necessary data in real-time. It saves them a lot of time and human resources to do data entry manually like years ago that need more time to complete and can cause mistakes from data entry step.

So with available real-time data, and with big data mining, analytical tools nowadays, they will catch you if you do tax evasion. I agree with your advice that as citizens, we should fulfill our tax responsibility to avoid any trouble in future. Sometimes, there is barrier like government does not have updated guideline on tax report for new things like cryptocurrency. We need to follow their update on it and fulfill our tax reports and tax responsibility.

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Quote from: Kelward on June 15, 2024, 11:38:02 AM

Anybody that hodl Bitcoin, legitimately don't have anything to worry about, it's not a criminal asset and that is why it's adoption is increasing everyday. Many investors have hodled Bitcoin for years and they've never had any issues with the authorities, so the lady that was convicted in the OP Link got into trouble because she used Bitcoin for money laundering which is a crime. Bitcoin is a decentralized digital cash that anybody can hodl, both the innocent and criminals, so when the criminals uses it for money laundering and they get caught, they pay the price for their criminal activities which has nothing to do with those that hodl it legitimately.

Unfortunately, many countries do not think so. In some countries, simply holding Bitcoin is already causing outrage among the government. If the owner decides to do something with it—sell or buy—then you can get either a fine or a prison sentence. Therefore, the advice that was given about silence and modest ownership without disseminating information about Bitcoin will first protect the owner. What they say about disseminating information about Bitcoin can be passed on to other volunteers who live where Bitcoin is allowed, although, of course, in such countries, information leaks out from all sides and without advertising.

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Quote from: Assface16678 on June 18, 2024, 07:49:14 PM

That's why, as long as I want to stay lowkey when it comes to crypto currency, I'm not sure how the government knew that the woman had that huge amount of bitcoin, or even what the factor was that the woman was subject to money laundering. And one of the mistakes of the woman is that he converted a huge amount of his assets into luxurious things, so of course it will tick the radar of the government on how this person suddenly has a huge amount of money. That's the wrong thing that the woman did; she could just convert a little potion bit by bit in order not to be suspicious, so she also has a fault for that. But still, there aren't enough details on the news. What is the factor? What is the evidence? And how did the woman have such a huge amount of crypto assets? There are so many unanswered questions.

Consider which country this victim executed all the transactions, as you can see in the news, she converted it to some physical assets, maybe that's the time that regulators tracked the sourced and found it.
Jeez! The government must verify if those Bitcoins are acquired in legitimate ways before they take any actions.

I am also curious if those Bitcoins were confiscated and no chance for this victim to use them anymore.

Assface16678

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That's why, as long as I want to stay lowkey when it comes to crypto currency, I'm not sure how the government knew that the woman had that huge amount of bitcoin, or even what the factor was that the woman was subject to money laundering. And one of the mistakes of the woman is that he converted a huge amount of his assets into luxurious things, so of course it will tick the radar of the government on how this person suddenly has a huge amount of money. That's the wrong thing that the woman did; she could just convert a little potion bit by bit in order not to be suspicious, so she also has a fault for that. But still, there aren't enough details on the news. What is the factor? What is the evidence? And how did the woman have such a huge amount of crypto assets? There are so many unanswered questions.

eightdots

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Quote from: Yamifoud on June 16, 2024, 01:44:30 AM

Quote from: krishnaverma on June 15, 2024, 06:13:58 AM

Cam across this news

https://www.bbc.com/news/articles/cn001yr88zgo

So a gentle reminder is to follow law with all your crypto related activities.

It is not because of Bitcoin put her in jail but it was a sort of money laundering. That won't give her an excuse as she commits a crime and it is not just a small crime but big enough to go to jail.

If she does nothing evil, even if she shows it to the authorities nothing happens to her. I think she deserves that as she can't be happy while others are suffering and this serves as a lesson to other individuals who are also committing the same crime to stop it.

The law clearly states what constitutes a crime. Bitcoin is not included in the concept of crime, so the use of Bitcoin by people who commit crimes does not indicate that Bitcoin is something wrong. There is a punishment for doing things that are crimes in the law. Trading Bitcoin is prohibited in some countries, but in most countries there is no prohibition specified by law. In many countries, you cannot shop with Bitcoin, but you can trade Bitcoin on exchanges.

This is easy to prove if you haven't done anything bad. If you are going to invest or trade with Bitcoin, you should check whether this trade or investment is regulated by law in your country.

mindrust

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Quote from: MeGold666 on June 15, 2024, 07:40:43 AM

Quote from: krishnaverma on June 15, 2024, 06:13:58 AM

So a gentle reminder is to follow law with all your crypto related activities.

Even if laws are abusing and inhuman ?

Then be smarter than them and don’t get caught. Otherwise they will make you suffer. Mind that, Being smart is a combination of various actions. Let’s say you are evading taxes (which I never recommend but if you are going to do it, do it smart) but it is only a few ten thousand bucks ( I am making up a random small number which can change for every country) then you might get away with it because the tax authorities will be spending their resources to catch bigger tax evaders first. That was just an example. What I mean is, it is important to keep the low profile.

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Converting Bitcoin into luxury assets isn't a crime on its own and shouldn't be a crime on its own. But the question of how someone got enormous amounts of BTC is valid, and there's often a real crime there. In her case, it was allegedly organized crime, so that's fairly serious. Although I must say I don't like it that there isn't enough information in the news about it. If the money was stolen from people or people got scammed, that's one story. If nobody knows where the money is from, that's another story. And I don't know for sure what's the case with her.

Gladitorcomeback

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Quote from: krishnaverma on June 15, 2024, 06:13:58 AM

Cam across this news

https://www.bbc.com/news/articles/cn001yr88zgo

So a gentle reminder is to follow law with all your crypto related activities.

We shouldn't link such things with normal Bitcoin activities such as buying and holding or even trading because these things show a negative image of Bitcoin and news outlets want to do that exactly, they are not in favor or Bitcoin or cryptocurrencies or want them to gain popularity and more people start believing in them because they are basically in support of the governments and centralized authorities.

As long as a country doesn't have strict rules and laws against Bitcoin and Bitcoin holders, one should be fine buying and storing Bitcoin as long as they are not doing something illegal with it. If you are found buying and storing Bitcoin normally and have a reasonable amount, you shouldn't be questioned for that if it isn't specifically banned in your country.

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Quote from: krishnaverma on June 15, 2024, 06:13:58 AM

Cam across this news

https://www.bbc.com/news/articles/cn001yr88zgo

So a gentle reminder is to follow law with all your crypto related activities.

She was not into crypto at first and then came into illegal activity. She step into the crypto world for money laundering. And I am quite surprised to see the simplest way via these scammers launder money. I mean via GOLD or Expensive apartments, and most of her wealth was not her (as said in the news) she was working for someone. And not all of the funds were in the form of BTC.

Only some amount was in the form of BTC, but the officials will always say BTC is the main source for money laundering it needed to be stopped they won't talk about the Gold and expensive apartments she bought to launder more money than she did via BTC. IMO BTC is not a reliable way to launder money, if you want to then make contact with some political party NFA haha. Just saying what's on my mind.

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Quote from: krishnaverma on June 15, 2024, 06:13:58 AM

Cam across this news

https://www.bbc.com/news/articles/cn001yr88zgo

So a gentle reminder is to follow law with all your crypto related activities.

I took a glance at the news but all I can see is that the bitcoin the woman held was linked to money laundering and that was why she was jailed. If after discovering her with such amounts of money and after investigation the bitcoin was not link to money laundering, she will be free.

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Quote from: Luzin on June 15, 2024, 11:49:34 PM

Quote from: Essential10 on June 15, 2024, 09:16:43 PM

Even though Bitcoin is illegal in my country, I continue to use Bitcoin in my country. But no one knows about my bitcoin usage except 2-1 people that I am a bitcoin user.

I'm quite curious about your country, where are you from?

Have you made sure it's really illegal? Since my country clearly prohibits it according to the rules, Bitcoin can be an illegal commodity as payment. If it is illegal and has legal effects that harm you, it is very dangerous. I probably won't even speak to anyone, including this forum. This condition can make evidence incriminating to you if you get legal proceedings. In addition, the government has the power to track and locate you.

As far as I know, there are still some countries that still ban bitcoin such as Bangladesh, China...But that doesn't mean the government is so draconian that it will spend a lot of time and effort just to spy on you or every citizen to prosecute and imprison you just because they heard a rumor that you were investing in bitcoin. Things will become serious unless you carry out transactions related to money laundering, crime...otherwise no one will care about you and things will not be as serious as you say.

Even the management and prevention of drug crimes, and murder...the government cannot complete, they do not have enough time and resources just to hunt down and arrest those who invest a few thousand dollars in bitcoin.
I also have a few friends from China and they have been quietly investing in bitcoin for many years, they say it is not as serious as many people imagine. They even use social network X to participate in discussions with the crypto community.

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Quote from: krishnaverma on June 15, 2024, 06:13:58 AM

Cam across this news

https://www.bbc.com/news/articles/cn001yr88zgo

So a gentle reminder is to follow law with all your crypto related activities.

It is not because of Bitcoin put her in jail but it was a sort of money laundering. That won't give her an excuse as she commits a crime and it is not just a small crime but big enough to go to jail.

If she does nothing evil, even if she shows it to the authorities nothing happens to her. I think she deserves that as she can't be happy while others are suffering and this serves as a lesson to other individuals who are also committing the same crime to stop it.

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Quote from: Essential10 on June 15, 2024, 09:16:43 PM

Even though Bitcoin is illegal in my country, I continue to use Bitcoin in my country. But no one knows about my bitcoin usage except 2-1 people that I am a bitcoin user.

You can use your bitcoins with on chain transactions without problems but if you have to sell your bitcoin to fiat currency, you have to use methods like bank transfer and will possibly have problems with banks and government.

If you only use your bitcoin on chain, you will avoid those problems but there are things you must know for your privacy.

Use your Bitcoin full node if you can.
Use Tor for your full node and when you broadcast your transaction on chain.
Use change address.

Cryptocurrency Explained: How to Get More Privacy on Bitcoin Transactions [Privacy is a Human Right]

Topic: Be careful with your crypto holdings and what you do with it (Read 409 times)