Can DAI stablecoin be frozen? | Bitcointalksearch.org

2Pizza410000BTC

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Quote from: Mauni98 on March 07, 2024, 06:19:22 PM

I know usdt can be frozen even if you have them on a offline wallet like trezor or something beccause they freeze the adress so you cant trade from it.

But what about DAI?

Say i have stolen 20 bitcoin and exchange them for DAI on like binance, then i send my DAI to my exodus wallet, can government, police, or others /sieze them?

If you steal 20 bitcoins and invest in binance exchange then of course binance exchange will accept all your authentication because every time you go to use binance exchange you can't use binance exchange without KYC every time you KYC binance will accept all your authentication and all your Will take the report to them. In this case, if the exchange authorities try, they will definitely catch you because they have all your evidence. As I use Binance Exchange, I verified the account by KYC at the beginning of use. Now that I have verified the account with my National ID card, if they ask for proof from my country, they will surely get proof and catch me.

batang_bitcoin

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Quote from: Mauni98 on March 08, 2024, 09:49:43 AM

Im not gonna use binance, i just tookthem as example.
There are some exchanges that dont require KYC

You're right, and there goes the wallets that has integrated exchange like Exodus that don't ask for it either but the commission rate is high. I just don't know if one of them suddenly asked for kyc.

Quote from: Mauni98 on March 07, 2024, 06:19:22 PM

Say i have stolen 20 bitcoin and exchange them for DAI on like binance, then i send my DAI to my exodus wallet, can government, police, or others /sieze them?

Anyway, you should have used a better example than this. It makes me feel that there's something that is in actuality about with the example you've said.

God bless u

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Look don't post criminal activities here There will be no one supporting you in these. Why the hell you have stolen Bitcoins and now you want someone to be honest to give you opinions on your thread come on bro grow up a little. What you do will come back to you so keep these creepy things out of your mind if you can

I can give you advice on this very much but I would have if you needed it.you are actually scamming your own government so I'll not support this thread.i hope you understand some good replies out there I can see them and get to know about your morals.

Bureau

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Quote from: Mauni98 on March 07, 2024, 06:19:22 PM

Say i have stolen 20 bitcoin and exchange them for DAI on like binance, then i send my DAI to my exodus wallet, can government, police, or others /sieze them?

In such a situation, why would you even use Binance as you would need to pass KYC. Except privacy coin all crypto transaction can be traced and in the scenario that you are giving as an example it would be better to convert all Bitcoins to Monero on a DEX.

Every stable coin has some kind of mechanism to stop illegal activities. With DAI since it is being decentralized it cannot be frozen by anyone but it can be tracked by authorities.

btc78

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Quote from: Mauni98 on March 07, 2024, 07:06:43 PM

Quote from: Hazink on March 07, 2024, 06:33:53 PM

Quote

Besides USDT on the Liquid network(which isn't really THAT accessible right now, hopefully in the future), the DAI/SAI stablecoin, which is both from the MakerDAO project, are the only stablecoins on the list that's unfreezable as you may see.

With the statement above from mk4 its believe that DAI is the only stable coin which can’t be frozen at least as if the time the thread was posted.

With the statement above from mk4, we believe that DAI is the only stable coin that can’t be frozen, at least as if the time the thread was posted.

First of all, no one will support any criminal activity here.

But if you are looking for a means to hide money and don't want it to be frozen, why use stablecoin in the first place? Why not use other means like mixing the coins and hiding the source where it was gotten from and leaving it either on bitcoin or coins like Monero, where you know they are top privacy coins?

When was that qoute posted?

Second of all, i have not asked for any criminal advise, so dont even try to accuse me of that.

Mate, you literally just said

Quote from: Mauni98 on March 07, 2024, 06:19:22 PM

Say i have stolen 20 bitcoin and exchange them for DAI on like binance, then i send my DAI to my exodus wallet, can government, police, or others /sieze them?

Why would you use the word ‘stolen’ if you were not pertaining to any criminal activities ? Stealing is illegal if you do not know. Even if you steal cryptocurrencies it is still money that you are stealing and therefore illegal.

Anyway if you want to transfer your holdings, the safest way is to separate them into different wallets so that you don’t get flagged as having suspicious activities.

johnsaributua

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Two options that allow anyone to access without limits, I'm a little surprised by your motives you mean anonymous and do not provide your data, consider you have done it that is depriving others of their rights but I do not support these activities, better find another illustration Cheesy

. Dai in my opinion is still very flexible and not too crowded than the general stable coin such as usdt, busd usdc etc.

Maybe one day if you want to transact large amounts in the right way (not criminal proceeds) you can transact by dividing several wallets / amounts per transaction, but I think the whales also have daily transaction standards whatever the coin is, normal transactions will certainly not be included in the cex newslater including social media because of different spikes. your way of anticipating is good because it hides from the public and makes your assets and yourself safe, but supporting the cex TOS is also for me necessary, because cex and you are partners and look after each other including binance.

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Quote from: dimonstration on March 08, 2024, 10:10:30 AM

Quote from: jrrsparkles on March 08, 2024, 10:00:58 AM

AFAIK, no exchange which is legitimate is gonna allow someone to trade and withdraw an amount worth 20BTC even if they really still offers non KYC withdrawal.

Privacy coins can be better choice for such things than any other coins.

There is, Binance allows high trading volume depending on the level of your VIP. My account is only verified using basic KYC documents but I’m allowed to withdraw 8M USDT which is greater than 20BTC. I’m not sure if other casino have this kind of limit but I believe they offer this since there’s a lot whale investors now trading crypto currencies and it will be a shame if they can’t handle such huge withdrawal for as low as 20BTC.

This is my withdrawal limits on Binance as regular member.

Sure Binance has the capability to proceed 20 Bitcoins withdrawal but here OP is seeking complete anonymity while trading on exchange which breaks in the first level itself when we provide ID and liveness test to them.

But even if we completed KYC already then exchange may flag a withdrawal of 20 btc for further review from their experts.

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Quote from: jrrsparkles on March 08, 2024, 10:00:58 AM

AFAIK, no exchange which is legitimate is gonna allow someone to trade and withdraw an amount worth 20BTC even if they really still offers non KYC withdrawal.

Privacy coins can be better choice for such things than any other coins.

There is, Binance allows high trading volume depending on the level of your VIP. My account is only verified using basic KYC documents but I’m allowed to withdraw 8M USDT which is greater than 20BTC. I’m not sure if other casino have this kind of limit but I believe they offer this since there’s a lot whale investors now trading crypto currencies and it will be a shame if they can’t handle such huge withdrawal for as low as 20BTC.

This is my withdrawal limits on Binance as regular member.

jrrsparkles

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Quote from: Mauni98 on March 08, 2024, 09:49:43 AM

Quote from: jrrsparkles on March 08, 2024, 05:21:21 AM

Quote from: Mauni98 on March 07, 2024, 06:19:22 PM

But what about DAI?

Say i have stolen 20 bitcoin and exchange them for DAI on like binance, then i send my DAI to my exodus wallet, can government, police, or others /sieze them?

It can't be frozen like USDT but since you are going to use Binance which is KYC mandatory exchange knows the user who traded so if feds ask for your details and knock on your door to arrest you and seize everything you have including the gadgets where you installed your wallet.

Im not gonna use binance, i just tookthem as example.
There are some exchanges that dont require KYC

AFAIK, no exchange which is legitimate is gonna allow someone to trade and withdraw an amount worth 20BTC even if they really still offers non KYC withdrawal.

Privacy coins can be better choice for such things than any other coins.

Mauni98

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Quote from: jrrsparkles on March 08, 2024, 05:21:21 AM

Quote from: Mauni98 on March 07, 2024, 06:19:22 PM

But what about DAI?

Say i have stolen 20 bitcoin and exchange them for DAI on like binance, then i send my DAI to my exodus wallet, can government, police, or others /sieze them?

It can't be frozen like USDT but since you are going to use Binance which is KYC mandatory exchange knows the user who traded so if feds ask for your details and knock on your door to arrest you and seize everything you have including the gadgets where you installed your wallet.

Im not gonna use binance, i just tookthem as example.
There are some exchanges that dont require KYC

Text

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It's always crucial to stay within legal boundaries.

DAI itself can't be frozen due to how it's built on the blockchain. It's a decentralized system, meaning there's no central authority to control individual accounts.

But if you acquired DAI through a centralized exchange like Binance and they suspect illegal activity, they might freeze your account. Even if the DAI itself is on your Exodus wallet, right?

Is this possible? Even with DAI in your Exodus wallet, if authorities trace the origin back to stolen Bitcoin, they could potentially take legal action to recover those funds.

jrrsparkles

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Quote from: Mauni98 on March 07, 2024, 06:19:22 PM

But what about DAI?

Say i have stolen 20 bitcoin and exchange them for DAI on like binance, then i send my DAI to my exodus wallet, can government, police, or others /sieze them?

It can't be frozen like USDT but since you are going to use Binance which is KYC mandatory exchange knows the user who traded so if feds ask for your details and knock on your door to arrest you and seize everything you have including the gadgets where you installed your wallet.

Jawhead999

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It will depends on how good is your privacy, if you exchange them on Binance, that's stupid because the police already know your face, real names and locations, you will added to wanted list.

Quote from: d5000 on March 07, 2024, 08:58:15 PM

It seems also USDD (a stablecoin on Tron founded by Justin Sun himself) can't be frozen:

Unfortunately USDD, LUSD, RAI and sUSD have a low volume, stablecoin need a good amount of volume in order to reduce the volatility. If you check the USDD chart there were many times the price de-pegged, this is not good, we shouldn't forget with Terra USD which right now lost it's peg.

hugeblack

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The risk in holding DAI is not in the possibility of it being frozen, as the possibility is low compared to other cryptocurrency pairs, but in the reserves that are used to ensure that the currency is stable, which will mostly be from USDC or pairs linked to the dollar, which may have led to it being unpegged to $1. Several weeks ago, in addition to the fact that if a regulatory consensus were to occur, there was a high possibility that USDC assets would be frozen or blocked, making the possibility of maintaining the value of $1 very difficult.

rat03gopoh

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Quote from: Mauni98 on March 08, 2024, 02:41:22 AM

No i Will send my DAI to my exodus wallet

I think not, as explained by several people above. In a bigger perspective, you might also believe in a big conspiracy that the PoS consensus system (which the DAI ecosystem uses these types of blockchains especially ETH 2.0) is somewhat centralized which means it can control to a certain degree. While this isn't related to freezing, it still boggles the mind.

Mauni98

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Quote from: rat03gopoh on March 07, 2024, 09:45:58 PM

Quote from: Mauni98 on March 07, 2024, 06:19:22 PM

Say i have stolen 20 bitcoin and exchange them for DAI on like binance, then i send my DAI to my exodus wallet, can government, police, or others /sieze them?

You mean your BTC will be transferred to a centralized wallet? Freezing will likely occur at this step. Most hacking cases never involve a centralized entity so much as the full intervention of legal authorities to embezzle the proceeds of the crime (unless the hacker is stupid enough).

No i Will send my DAI to my exodus wallet

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Quote from: Mauni98 on March 07, 2024, 06:19:22 PM

Say i have stolen 20 bitcoin and exchange them for DAI on like binance, then i send my DAI to my exodus wallet, can government, police, or others /sieze them?

You mean your BTC will be transferred to a centralized wallet? Freezing will likely occur at this step. Most hacking cases never involve a centralized entity so much as the full intervention of legal authorities to embezzle the proceeds of the crime (unless the hacker is stupid enough).

d5000

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Dai can't be frozen, mk4 is correct (his original post is from 2019). However, they have an Emergency Shutdown mechanism, because as the coin is algorithmic, it's possible it could unpeg from the USD and if the incentives don't work in these cases the shutdown basically exchanges the DAIs to the collaterals. So you have to be wary of that event.

In addition - I don't know if you have already read this reddit thread, there's another possible danger: that some collateral coins are frozen, because some of the collateral are stablecoins (USDC). According to that thread, Dai on the Binance Smart Chain can also be frozen (by Binance, I guess), so you'll have to go for the "original" Dai on Ethereum.

It seems also USDD (a stablecoin on Tron founded by Justin Sun himself) can't be frozen:

Quote from: Mauni98 on March 07, 2024, 07:06:43 PM

Second of all, i have not asked for any criminal advise, so dont even try to accuse me of that.

I'd suggest you to change the OP's wording a bit, it can be misunderstanding. (For example: instead of "Say i have stolen 20 bitcoin", put "Say I've purchased 20 P2P bitcoin and later learnt they were stolen". I guess that's what you meant Wink

)

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Quote from: Mauni98 on March 07, 2024, 06:19:22 PM

I know usdt can be frozen even if you have them on a offline wallet like trezor or something beccause they freeze the adress so you cant trade from it.
But what about DAI?

DAI doesn't have a blacklist function like other stablecoins have. You can freely use it without even thinking of being blacklsited.

Quote from: Mauni98 on March 07, 2024, 06:19:22 PM

Say i have stolen 20 bitcoin and exchange them for DAI on like binance, then i send my DAI to my exodus wallet, can government, police, or others /sieze them?

In this context, please refrain from doing criminal activities. They can track you anytime, it will be stupid if you think you can hide from the government and police. Even if your address can't be blacklisted by the contract creator but your wallet can also be blocked by various exchange sites. The government can also track you easily.

Do you want to be hunted by interpol?

Mauni98

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Quote from: Hazink on March 07, 2024, 06:33:53 PM

Quote

Besides USDT on the Liquid network(which isn't really THAT accessible right now, hopefully in the future), the DAI/SAI stablecoin, which is both from the MakerDAO project, are the only stablecoins on the list that's unfreezable as you may see.

With the statement above from mk4 its believe that DAI is the only stable coin which can’t be frozen at least as if the time the thread was posted.

With the statement above from mk4, we believe that DAI is the only stable coin that can’t be frozen, at least as if the time the thread was posted.

First of all, no one will support any criminal activity here.

But if you are looking for a means to hide money and don't want it to be frozen, why use stablecoin in the first place? Why not use other means like mixing the coins and hiding the source where it was gotten from and leaving it either on bitcoin or coins like Monero, where you know they are top privacy coins?

When was that qoute posted?

Second of all, i have not asked for any criminal advise, so dont even try to accuse me of that.

There can be many reasons to have stablecoins,
for me, i just dont want to cash out to fiat and my bankaccount.

I dont know why anyone would use btc, monero, or any other coin for short term hodl.
Imagine putting your 10k profit into bitcoin and for the comming 3 years, they are worth 70% less?
No thanks.

I take my profit in stablecoins soni can invest when the market is low.

Hazink

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Quote

Besides USDT on the Liquid network(which isn't really THAT accessible right now, hopefully in the future), the DAI/SAI stablecoin, which is both from the MakerDAO project, are the only stablecoins on the list that's unfreezable as you may see.

With the statement above from mk4 its believe that DAI is the only stable coin which can’t be frozen at least as if the time the thread was posted.

With the statement above from mk4, we believe that DAI is the only stable coin that can’t be frozen, at least as if the time the thread was posted.

First of all, no one will support any criminal activity here.

But if you are looking for a means to hide money and don't want it to be frozen, why use stablecoin in the first place? Why not use other means like mixing the coins and hiding the source where it was gotten from and leaving it either on bitcoin or coins like Monero, where you know they are top privacy coins?

Mauni98

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I know usdt can be frozen even if you have them on a offline wallet like trezor or something beccause they freeze the adress so you cant trade from it.

But what about DAI?

Say i have stolen 20 bitcoin and exchange them for DAI on like binance, then i send my DAI to my exodus wallet, can government, police, or others /sieze them?

Topic: Can DAI stablecoin be frozen? (Read 206 times)