Be careful with your crypto holdings and what you do with it - page 2.

Yamifoud

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Quote from: krishnaverma on June 15, 2024, 05:13:58 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.

MusaMohamed

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Quote from: Essential10 on June 15, 2024, 08:16:43 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]

Luzin

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Quote from: Essential10 on June 15, 2024, 08:16:43 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.

Maus0728

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Quote from: Essential10 on June 15, 2024, 08:16:43 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 haven't faced any problem with bitcoin in my country yet, many people use bitcoin in my country but the government has not taken any strong action in this regard. Governments are basically unaware of how many people use Bitcoin. If very few people know how much money you have, and if you enforce the highest security measures on your account, I don't think you're going to run into any major legal complications.

You still have to be careful though and considering that in your country, it's illegal to own a bitcoin, that part where 1 or 2 people know that you own a bitcoin should never have happened in the first or never should increase in the future, you'll end up losing a lot of things when you do this kind of thing, people can easily betray others just so you know but other than that, hopefully you're really extra careful with your bitcoin ownership especially when you do transactions, it's going to be really difficult for you to do big transactions after all, given how it's so easy to suspect someone is doing illegal when they do a sudden but big transactions.

Essential10

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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 haven't faced any problem with bitcoin in my country yet, many people use bitcoin in my country but the government has not taken any strong action in this regard. Governments are basically unaware of how many people use Bitcoin. If very few people know how much money you have, and if you enforce the highest security measures on your account, I don't think you're going to run into any major legal complications.

oktana

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Here’s is different. It doesn’t need you to warn anyone because she clearly did what is wrong and she knew what she was doing. Merely having that amount, you have to explain how and why. And digging into hers, she helped launder money. Now she has to spend the next 6 years away from being a normal human/citizen.

Quote from: MeGold666 on June 15, 2024, 06:40:43 AM

Quote from: krishnaverma on June 15, 2024, 05:13:58 AM

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

Even if laws are abusing and inhuman ?

You don’t have to argue about it. It’s simple to stay away from trouble. In the end, if you fall into doing something wrong you’re the one to pay the consequences.

kotajikikox

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Quote from: krishnaverma on June 15, 2024, 05:13:58 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.

This type of stories is what makes other people and the government get their wrong ideas from. Well it’s not like the woman used crypto for money laundering but instead she used the profit she got from crypto and stored in wrongly in different assets.

Nothing really unlawful when it came to crypto. All related activities with crypto ended when she took it out and into fiat.

examplens

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Quote from: krishnaverma on June 15, 2024, 05:13:58 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.

So, this topic is already discussed, so I would like to ask one question.
Why is the emphasis on crypto here?
So we shouldn't do anything illegal using cryptocurrency, but it's perfectly ok to do such things and get cash for it. This kind of dramatization gives the impression that crypto is exclusively used for fraud, illegal trade and the like, and in fact, it is up to the person and the use of cryptocurrency is just a tool.
It's like pointing out that the bank robber used Bridgestone tyres on the getaway vehicle. Finally, to make a point, be careful how you drive a car with Bridgestone tyres.

Mia Chloe

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Quote from: Stablexcoin on June 15, 2024, 02:51:39 PM

First question how did they find the Bitcoin with her? Did she tell them about it or did they get access to her device and know she had such an amount of Bitcoin? This was not explained in the news at BBC.

I still find it very funny that she was jailed without any proof of money laundering activity that was mentioned. Just because they saw a huge amount in Bitcoin they are accusing her of money laundering. That's totally not fair.

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. One of the easiest ways people can be traced via their wallet, is through a connection with their wallet to an exchange where they have previously done a KYC registration.
Things like this are the reason why people are adviced to understand certain important things , especially security before venturing the crypto space.
It's so sad that people in countries where crypto is viewed as illegal have to carry out crypto transactions hidden.

Stablexcoin

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First question how did they find the Bitcoin with her? Did she tell them about it or did they get access to her device and know she had such an amount of Bitcoin? This was not explained in the news at BBC.

I still find it very funny that she was jailed without any proof of money laundering activity that was mentioned. Just because they saw a huge amount in Bitcoin they are accusing her of money laundering. That's totally not fair.

Heiden123

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If there is one brokerage company that is clearly a scam it is LASBERT.
Don't do business with them, unless you want to see your money gone.

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Quote from: krishnaverma on June 15, 2024, 05:13:58 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.

A group of criminals who were using Bitcoin to hide their shady deals were caught and OP is starting a topic on hodling Bitcoin legally. We should praise these law enforcement agencies for tracking and uncovering these criminal activities. These sets of persons give the Bitcoin space a bad reputation because of these criminal activities. I read that Jian Wen was living a luxurious life with the proceeds of crime which led to suspicion.

Quote from: God bless u on June 15, 2024, 12:01:55 PM

It has been an issue always that countries are trying to put the marks of illegal on people who are earning good with crypto. Actually these super power colonies don't want a free nation. They just want that people should remain under their influence and give them heavy taxes.

Whoever will try to do something for freedom they will try to impose resistance to it and that's very natural now but we should fight for our right.

Some governments are indeed anti-crypto, so they are doing everything possible to give the industry a bad name. News like this are usually overblown to gain more publicity. But in this case that OP mentioned it was proved that it was a proceed from crime. Some persons were duped in China Jian Wen helped the masterminders to launder the criminal proceeds.

aylabadia05

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Quote from: krishnaverma on June 15, 2024, 05:13:58 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.

May 29, 2024 This news was published as stated in the article with brief content, although in the article there is another link to explain the news about it, but the link that directs to another article states the date March 21, 2024.

It is quite easy to corner Bitcoin with news like this in the midst of market movements experiencing difficulties.
Bitcoin is not a crime, but a currency. If the direction is towards unlawful actions, then the person is not Bitcoin.

God bless u

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Quote from: krishnaverma on June 15, 2024, 05:13:58 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 has been an issue always that countries are trying to put the marks of illegal on people who are earning good with crypto. Actually these super power colonies don't want a free nation. They just want that people should remain under their influence and give them heavy taxes.

Whoever will try to do something for freedom they will try to impose resistance to it and that's very natural now but we should fight for our right.

leonair

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Currently, Bitcoin can be used legitimately without any problems. The number of Bitcoin transactions is increasing daily, and various activities are happening. Now everything is fine if bought correctly. Bitcoin transactions used to be a lot of trouble in our country. At one time in our country, the police seized illegal transactions, and a large amount of money was confiscated. But there is no such problem now.

However, for those who trade bitcoins and hold all these things, the holder must be very careful to store and keep their wallet keys secret. Otherwise, there may be problems if someone else knows or if it is linked to the holding.

Hamza2424

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Quote from: krishnaverma on June 15, 2024, 05:13:58 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.

This is a piece of old news in my view a couple of weeks ago there was a similar kind of news, hmm is it the same one? TBH here in my country Bitcoin accumulation and investment are not prohibited, so there's nothing wrong if I do hold Bitcoins.

Also, this was not an accumulation case, it seems like it was some sort of money laundering activity because I have heard of anyone revealing his/her identity after owning an amount of Bitcoin.

BABY SHOES

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If bitcoin is from criminal acts or money laundering then it will be worried that this will trigger a lot of problems with local authorities, in my country several times citizens have been caught by the police because of cases of bitcoin theft or accounts that were broken into which were eventually caught.

So we buy bitcoin legally then it's nothing to worry about we can provide the source of funds from because it's to prove it, but with criminal acts then it will continue to be suspected usually they will not use CEX but a mixer to obscure the transaction.

Kelward

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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.

Mia Chloe

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Bitcoin makes use of a decentralized network, infact it is currently one of the best to be used in describing a decentralized network. However let's not forget that although decentralization is beneficial, it comes with some level of transparency and exposure which can pose negative effects. Take for example, a person's wallet can be monitored via any block chain explorer from transaction to transaction making it possible for some hackers to even pose common threats like dust attacks.

Personally I think a Bitcoin holder should keep not only his wallet keys and seed private, be he should also make sure his address isn't too exposed. Most of the time some person's link their holding wallet to an exchange and personally I think it isn't very safe. One of the reasons why Satoshi remains anonymous is because all the wallets he saved his mined Bitcoins in are anonymous and not linked to any exchange.

dansus021

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Quote from: krishnaverma on June 15, 2024, 05:13:58 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.

Let me write down here for other

"A former takeaway worker found with Bitcoin worth more than £2bn was jailed for six years and eight months for a crime linked to money laundering on Friday.
Jian Wen, 42, from Hendon, in north London, was involved in converting the currency into assets including multi-million-pound houses and jewellery.
At Southwark Crown court in March, she was convicted of entering into or becoming concerned in a money laundering arrangement.
The Metropolitan Police said at the time of the conviction the seizure was the largest of its kind in the UK."

So a former worker found Bitcoin that linked with money laundry and she used it but I do believe this is not regular found maybe she get order from her employee to converting the asset, because if you found a wallet there still a password and etc

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