BTC worth $1M confiscated in Canada ruling - page 2.

olliecrypto

newbie

Activity: 50

Merit: 0

Quote from: coolcoinz on April 19, 2019, 01:42:52 PM

What strikes me is that they took all his bitcoins even when there was no proof of how he got all those coins. Innocent until proven guilty, right? So they found some drugs at his house and proof that he bought it online with bitcoins, but it was worth much less than was taken from him, despite his claims that most of the coins were purchased years ago.
I always feel like the law is there to steal as much as possible to feed hungry gov agencies. You had drugs at home? Now your home, computer, bank accounts belong to us.

this problem occurs so much, even without bitcoin.
people get pulled over on road trips, some back woods pig sees a stack of cash, and confiscates it, stating its probably from illegal activity, then people essentially can't get their money back without spending thousands on a lawyer.
governments want to seize everything they can to buy bigger tanks, bigger guns...
what a world.

RamBahadur.Gurung

sr. member

Activity: 457

Merit: 262

Quote from: Baofeng on April 10, 2019, 05:03:18 PM

Only proves that bitcoin is not that anonymous as everyone has thought it to be in its early years. The guy uses it to buy guns in the darkweb and he thought the can get away with it. Unfortunately, many undercover authorities are also roaming the darkweb that's why he was caught. I wonder though was going to happen to his bitcoin, perhaps the government of Canada will auction it.

So just reminder for criminals not to use bitcoin at all cost Grin

, you may never know that you are dealing with undercover cops and just a matter of time before they will caught you.

No one is claiming that Bitcoin is 100% anonymous. If you want to purchase illegal or contraband stuff from the dark market, then you better use coins such as Zcash, Monero and Deep Onion which can't be tracked. But even then, if you make the payments in these anonymous coins and give the delivery address to your vendor, you are obviously waiving off the anonymity.

coolcoinz

legendary

Activity: 2618

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What strikes me is that they took all his bitcoins even when there was no proof of how he got all those coins. Innocent until proven guilty, right? So they found some drugs at his house and proof that he bought it online with bitcoins, but it was worth much less than was taken from him, despite his claims that most of the coins were purchased years ago.
I always feel like the law is there to steal as much as possible to feed hungry gov agencies. You had drugs at home? Now your home, computer, bank accounts belong to us.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

CipherTrace and Binance's partnership seem to be fruitful knowing that they have already gotten one prosecution successful. Bitcoin seem to be not that anonymous after all knowing that there are tools out there that could verify where does the coin end and to whom it might belong to albeit not having direct connections to anyone or to any identity. This is a double-edged sword for bitcoin, but if it helps to prosecute people who did wrong to the government and to the people, then perhaps it's a welcome compromise for the sake of justice.

philipma1957

legendary

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Merit: 7849

'The right to privacy matters'

Okay read the article. So the guy moved drugs as the thousands of grams of various drugs found in his house is at least 2 keys of the drugs.

Which were not just pot but coke and ketamine and pcp.

He tried to buy a glock on the net and have it shipped to his home = moron stupid

The cops sent him a flare gun but busted him for trying to buy the glock.

This allowed the search
This found at least 2 keys of drugs. mixed not just weed.
I would say he sells drugs as it was too much for personal use.
He made some drug purchases on the net using BTC.

So anyone that thinks BTC is why he was caught did not read the article correctly.
He got caught due to using a sting website.
If he had cash in the house they would have taken it.
So he had BTC on the pc in his home with wallets and traceable info.
This could lead to more busts since buying the drugs left a trail.

So BTC has helped cops get evidence in this case

a pile of cash would have been less evidence.

dunfida

legendary

Activity: 3108

Merit: 1138

Quote from: ccryptopark on April 10, 2019, 02:01:37 PM

“(The case) forced agencies to start thinking about cryptocurrency investigations as a reality more than a possibility.”

thoughts?

So they seized 281.14 BTC but now that $1M is already almost $1.5M usd and thats an easy increase.Hope those coins being seized wont be keep on their hands personally.

This would be an eye opener for those people who do illegally doing things with Bitcoin or any other crypto because one hole on your shady transactions would really put you up on jail.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: Baofeng on April 10, 2019, 05:03:18 PM

Only proves that bitcoin is not that anonymous as everyone has thought it to be in its early years. The guy uses it to buy guns in the darkweb and he thought the can get away with it. Unfortunately, many undercover authorities are also roaming the darkweb that's why he was caught. I wonder though was going to happen to his bitcoin, perhaps the government of Canada will auction it.

We all know that Bitcoin is psuedo anonymous.

Quote from: Baofeng on April 10, 2019, 05:03:18 PM

So just reminder for criminals not to use bitcoin at all cost Grin

, you may never know that you are dealing with undercover cops and just a matter of time before they will caught you.

They don't care, as long as they can sell anything and be paid, then at the end of the day its business. As far as the confiscated Bitcoins, the government can do whatever they want. They can kept it in cold storage, or they could do a public auction.

Ipwich

hero member

Activity: 1050

Merit: 529

Student Coin

Bitcoin is money, it can be used in illegal activities and money laundering, they should consider and study crypto in order to do the right investigation.
There is no significance in this news, one can make illegal activity as human makes mistakes, the way I see it, it gives a little exposure to the public.
Crypto is not a joke, it's a serious currency which is progressing now.

elisabetheva

full member

Activity: 1708

Merit: 105

Quote from: Baofeng on April 10, 2019, 05:03:18 PM

Only proves that bitcoin is not that anonymous as everyone has thought it to be in its early years. The guy uses it to buy guns in the darkweb and he thought the can get away with it. Unfortunately, many undercover authorities are also roaming the darkweb that's why he was caught. I wonder though was going to happen to his bitcoin, perhaps the government of Canada will auction it.

So just reminder for criminals not to use bitcoin at all cost Grin

, you may never know that you are dealing with undercover cops and just a matter of time before they will caught you.

but it is also difficult to prevent criminals from doing something they consider very profitable, even though they also know that what is done will definitely have an impact on him. the situation for committing a crime has been difficult to prevent as long as there are opportunities available although as little as possible can be done. as long as we don't protect ourselves so we don't get stolen.

avikz

legendary

Activity: 3080

Merit: 1500

Quote from: ccryptopark on April 10, 2019, 02:01:37 PM

https://micky.com.au/bitcoin-worth-1-million-confiscated-in-canada-over-landmark-ruling/

Bitcoin worth over $1 million has been confiscated by a judge in Canada's Supreme Court. The ruling came after the judge brought CEO of CipherTrace that performs tracing operations on crypto to notice illegal activities where it was indeed found the case was dealing on the dark web with BTC.

“(The case) forced agencies to start thinking about cryptocurrency investigations as a reality more than a possibility.”

thoughts?

Illegal dealings using bitcoin and other cryptos is indeed a challenge! That's the reason why a lot of governments are still hesitant to approve it as a legal tender. It can be easily used for drungs and arms dealings as well as terrorism financing. It is evident from the article that convicted person was dealing in illegal items through dark web using bitcoin. So the verdict makes sense!

We, as community members don't support such kind of illegal use kf bitcoins because it is a reputational loss for us! Rather we need to work in unison to prevent such activities!

veleten

legendary

Activity: 2016

Merit: 1106

Quote from: Baofeng on April 10, 2019, 05:03:18 PM

Only proves that bitcoin is not that anonymous as everyone has thought it to be in its early years. The guy uses it to buy guns in the darkweb and he thought the can get away with it. Unfortunately, many undercover authorities are also roaming the darkweb that's why he was caught. I wonder though was going to happen to his bitcoin, perhaps the government of Canada will auction it.

So just reminder for criminals not to use bitcoin at all cost Grin

, you may never know that you are dealing with undercover cops and just a matter of time before they will caught you.

bitcoin has never been anonymous - it is pseudoanonymous
and the guy who was dealing on the Darkweb didn't care for bitcoins , he just needed a way to get paid for his goods
bitcoin just happened to be the most convenient way to get paid , although he should have tried Monero or any other anonymous coin instead
and it wasn't the undercover cop who busted it but a tracing agency
as for the seized coins , their fate is unknown , probably auctioned and used by the government to make out lives better /sarcasm

sheenshane

legendary

Activity: 2366

Merit: 1206

Quote from: creeps on April 13, 2019, 06:38:32 AM

Quote from: Baofeng on April 10, 2019, 05:03:18 PM

So just reminder for criminals not to use bitcoin at all cost Grin

, you may never know that you are dealing with undercover cops and just a matter of time before they will caught you.

That huge amount of money can easily be trace in this blockchain technology and if they do this for a reason for sure some intelligence unit of the government knows this thing. Bitcoin is just there instrument to do things that is against the law, unluckily someone are working well to the government just to see those criminals. Now, cryptocurrency is part of their obligations to investigate more because there might be more black transactions happening in this market, who knows about it. So if you are one of those, you probably need to hide well.

Even though the bitcoin will let you buy things anonymously in the digital world, the person must have been aware that he was not alone doing so, the undercovers would also do it and catch him. The reason why this guy's bitcoin was confiscated just because they used bitcoin for buying unlicensed guns. This is is also not a gun dealer but a drug pusher, as well.

Darkweb is a marketplace where you will be able to buy things not available in a normal market. However, due to its popularity today, the authorities are able to see what is happening inside and try to find who are the people who took advantage of it.

creeps

full member

Activity: 742

Merit: 144

Quote from: Baofeng on April 10, 2019, 05:03:18 PM

So just reminder for criminals not to use bitcoin at all cost Grin

, you may never know that you are dealing with undercover cops and just a matter of time before they will caught you.

That huge amount of money can easily be trace in this blockchain technology and if they do this for a reason for sure some intelligence unit of the government knows this thing. Bitcoin is just there instrument to do things that is against the law, unluckily someone are working well to the government just to see those criminals. Now, cryptocurrency is part of their obligations to investigate more because there might be more black transactions happening in this market, who knows about it. So if you are one of those, you probably need to hide well.

TheHas

full member

Activity: 616

Merit: 167

Forget about deflationary aspects of bitcoin through block reward halving..

Confiscation (if it isn't onsold by authorities) and people dying without a way to share their private keys will probably have the greatest deflationary impact on bitcoin and crypto more broadly.

timerland

hero member

Activity: 1526

Merit: 596

This really has nothing to do with bitcoin at all.

In a drug bust, you'd expect the funds to be seized. It's exactly what happened here. The crime wasn't that someone was holding bitcoin, but rather they are doing illicit things, and bitcoin just happened to be the payment venue that they decided to go with. I don't think that this has anything to do with the anonymity of bitcoin, even.

It would be interesting to see however whether or not they hold onto the coins, or auction it off to convert it to fiat. It's the first time that I've heard something like this out of Canada's jurisdiction, though it has certainly happened multiple times before in the US.

Harlot

hero member

Activity: 1806

Merit: 671

Quote from: Baofeng on April 10, 2019, 05:03:18 PM

Only proves that bitcoin is not that anonymous as everyone has thought it to be in its early years. The guy uses it to buy guns in the darkweb and he thought the can get away with it. Unfortunately, many undercover authorities are also roaming the darkweb that's why he was caught. I wonder though was going to happen to his bitcoin, perhaps the government of Canada will auction it.

I like to point out that this dude got caught not because of the Bitcoin payment (the article didn't even confirm if he paid in Bitcoin) he made but because he was buying a gun from the authority that he later on gave his address for the delivery of the gun (which was really a flare gun Tongue

) which has led to the authorities on finding out his drug stash. I will say that this guy isn't really post as a buyer but a supplier of drugs in the dark web that is why they have confiscated a lot of Bitcoins from him.

jjbanks994

jr. member

Activity: 255

Merit: 3

It sounds like they have some sort of tracking software which I think is great for companies and individuals. We wouldn't want another Quadriga case to break out again. I worry if it did it will leave a lot of people bitter about crypto and we lose out on mass adoption

Baofeng

legendary

Activity: 2576

Merit: 1655

Only proves that bitcoin is not that anonymous as everyone has thought it to be in its early years. The guy uses it to buy guns in the darkweb and he thought the can get away with it. Unfortunately, many undercover authorities are also roaming the darkweb that's why he was caught. I wonder though was going to happen to his bitcoin, perhaps the government of Canada will auction it.

So just reminder for criminals not to use bitcoin at all cost Grin

, you may never know that you are dealing with undercover cops and just a matter of time before they will caught you.

ccryptopark

jr. member

Activity: 300

Merit: 5

https://micky.com.au/bitcoin-worth-1-million-confiscated-in-canada-over-landmark-ruling/

Bitcoin worth over $1 million has been confiscated by a judge in Canada's Supreme Court. The ruling came after the judge brought CEO of CipherTrace that performs tracing operations on crypto to notice illegal activities where it was indeed found the case was dealing on the dark web with BTC.

“(The case) forced agencies to start thinking about cryptocurrency investigations as a reality more than a possibility.”

thoughts?

Topic: BTC worth $1M confiscated in Canada ruling - page 2. (Read 364 times)