US GOVERNMENT CONFISCATES IRANIAN BITCOIN HOLDER ASSETS

christysmile

newbie

Activity: 21

Merit: 0

Quote from: Chachacoin17 on August 07, 2018, 03:51:01 PM

Quote from: Hammonds on August 06, 2018, 11:38:36 PM

That's bad news that can destroy the dominance of Bitcoin.
It can even reduce the price of Bitcoin itself.

Hopefully this event will not happen again in the future.

Indeed, I am also hoping that this wouldn't eradicate in the future because this would really bring negative effect to bitcoin price. If US have strong enforcement about those Iranian holders, then I think they had a problem with these people.
There will be possibilities that they have been committing crimes like money laundering or worst is they've been scamming a lots of people.

There's all kinds of drama going on between the US and Iran that this is nothing in comparison. Iran is going through a currency crisis (again) so it's a wonder that they're not all net owners of bitcoin. If I lived there I'd be sure not to hold onto any local currency at whatever cost. Too much chaos.

Lot's of countries are facing similar issues. The Yuan is at almost breaking through 7, which would be crisis level for the Chinese. The Turkish Lira has lost nearly 50% this year. Russia has been facing similar crises. Brazil, Venezuela, I can't even remember the amount of countries anymore. All the reason to be buying bitcoin, but it doesn't seem to be that way.

aleksej.rozhkov

member

Activity: 238

Merit: 10

bitcoin and crypto world is increasingly being controlled by the state. Now America is the leading country in regulation and writing of new control laws! I also would like to see how they will be able to select these bitcoins ......

Felipeo

sr. member

Activity: 476

Merit: 262

EOSABC

How can this be possible.? It's not that easy to confiscate and why will anyone giveaway their seeds.? Need more information if this is true.

Veterock

member

Activity: 238

Merit: 15

I think this is fake news, since such actions are contrary to US law

Samaaliu

newbie

Activity: 70

Merit: 0

I am still left wondering how possible this was. Were the holders forced to give up their wallet private keys? I believe bitcoin wallets are not resident on any particular country internet servers. So how did the US government confiscated the assets that are held in an online or digital wallets?

Chachacoin17

sr. member

Activity: 672

Merit: 250

Quote from: Hammonds on August 06, 2018, 11:38:36 PM

That's bad news that can destroy the dominance of Bitcoin.
It can even reduce the price of Bitcoin itself.

Hopefully this event will not happen again in the future.

Indeed, I am also hoping that this wouldn't eradicate in the future because this would really bring negative effect to bitcoin price. If US have strong enforcement about those Iranian holders, then I think they had a problem with these people.
There will be possibilities that they have been committing crimes like money laundering or worst is they've been scamming a lots of people.

PlusOne88

member

Activity: 420

Merit: 10

“Tackling Climate Change Using Blockchain”

Maybe there something in that account or the users of the account that could be a threat to their national security or economic stability. I have heard the US is always been monitoring big amount of transaction like this one. We all know that cryptocurrency could be used for illegal activities since it can be exchange for money. I am not concluding though that it is true, but it is always their concern so whether it might be true or not, they will always be checking on accounts that could have stored such a big amount of money as this one.

HabBear

hero member

Activity: 1106

Merit: 638

Quote from: Hammonds on August 06, 2018, 11:38:36 PM

That's bad news that can destroy the dominance of Bitcoin.
It can even reduce the price of Bitcoin itself.

Hopefully this event will not happen again in the future.

We're still talking about this? (The irony of that statement as I make a post about it isn't lost on me).

What I'm getting at is - there's be no additional information. There's been little if any debate about the original post. If someone has something to discuss...let's discuss it! If not, let's this talk die on the vine!

Hammonds

sr. member

Activity: 532

Merit: 250

That's bad news that can destroy the dominance of Bitcoin.
It can even reduce the price of Bitcoin itself.

Hopefully this event will not happen again in the future.

Betty10

newbie

Activity: 126

Merit: 0

Am yet to see any such news elsewhere. Well I won't know why the US will have to do this, the US really do not have any issue with the Iranian people but with their government. But am still wondering how they did this.

cryptoscion

newbie

Activity: 27

Merit: 0

How is this possible US government can't do this because Iranian holder reveal his bitcoins by forcing of US government so this is the illegal way of do this. how they know he is doing bitcoin base business because coinbase not allow Iran even my country India. I think US don't wanna see some peoples make money or they hate from Iranians or they think he is doing this for Illegal activity.

jaaeeeyyyy

full member

Activity: 434

Merit: 101

Quote from: cryptovagas on July 25, 2018, 12:26:03 PM

if this is really gonna happen, why do we advertise that crypto is a free world Angry

Quote

Recently, ibena reported that the U.S. Federal Government had confiscated 500 BTC belonging to Iranians — valued at 25 billion rials at the time of purchase.

The exact reason for the confiscation is unclear, though some speculate it has to do with Iranian bitcoin holders evading imposed U.S. sanctions.

Sepehr Mohammadi, the head of Iranian’s Blockchain Association, stated that confiscation had begun last year and was still continuing. He underscored the sentiment held by many when he expressed to ibena that “some people believe that this confiscation is because of circumventing U.S. sanctions by bitcoin holders.”

Mohammadi further explained that the total amount of assets confiscated by the Federal government was unclear but that it was at least 500 bitcoins (and counting). This represented a net purchase value of 25 billion rials — or about USD 5.77 million.

Source: https://bitcoinist.com/us-government-confiscates-iranian-bitcoin-holder-assets/

It is not so clear to happened really, how can the us government knew about this? Where in fact it is not possible to happen because of what the characteristics a wallet has. And is there a process or law regarding to this step made by the stated government? Maybe people needs to secure bitcoin more, because many has a hot eyes on bitcoin because of its capabilities as of this moment.

Silenox

full member

Activity: 546

Merit: 122

That's why it's important to be the real owner of BTCs, owning the private keys. If you are in an online service or exchange, they may be forced to freeze balances or something similar. Another way to protect yourself would be to only do p2p transactions, so it would be harder to leave traces.

Conasse

jr. member

Activity: 336

Merit: 5

Culotte Jaune Officielle

I don't think everything has been said. How a govt. can confiscate a crypto?

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

Quote from: BTCballa on July 26, 2018, 07:09:50 AM

Quote from: cryptovagas on July 25, 2018, 12:26:03 PM

if this is really gonna happen, why do we advertise that crypto is a free world Angry

Quote

Recently, ibena reported that the U.S. Federal Government had confiscated 500 BTC belonging to Iranians — valued at 25 billion rials at the time of purchase.

The exact reason for the confiscation is unclear, though some speculate it has to do with Iranian bitcoin holders evading imposed U.S. sanctions.

Sepehr Mohammadi, the head of Iranian’s Blockchain Association, stated that confiscation had begun last year and was still continuing. He underscored the sentiment held by many when he expressed to ibena that “some people believe that this confiscation is because of circumventing U.S. sanctions by bitcoin holders.”

Mohammadi further explained that the total amount of assets confiscated by the Federal government was unclear but that it was at least 500 bitcoins (and counting). This represented a net purchase value of 25 billion rials — or about USD 5.77 million.

Source: https://bitcoinist.com/us-government-confiscates-iranian-bitcoin-holder-assets/

I'm wondering how somebody can I'm just confiscate bitcoin if nobody properly not having a law, that will regulate those things? Is no more which would defend your property presented in bitcoins it is a really dangerous thing to have?

According to the article, the Iranians were circumventing some form of sanctions imposed by the US. Anyone circumventing the law/sanctions are deemed to face any legal implications of their doing. If this is indeed true, we don't know what sanctions did the Iranians circumvent, or broken for the US government to seize their assets. Well if these Iranians are operating under the US soil, they could face charges aside from the confiscation, but apparently they aren't and the trouble they are getting right now is how would they get it back, knowing that the Central Bank of Iran has banned banks and financial institutions from catering cryptp-related transactions and services.

christysmile

newbie

Activity: 21

Merit: 0

Quote from: HabBear on July 25, 2018, 11:08:25 PM

IF this news isn't fake...

Iranians probably shouldn't keep their Bitcoin assets at an exchange that the US Government has jurisdiction over! The US government didn't walk into their house with a hammer and threaten their Trezor PIN out of them, these people were careless...and in a way...were victims of their own naivety.

Yeah exactly. This news smells a bit funny anyways. It seems like fear mongering to me. Like they want people to think that the US can snap up your coins at any given moment.

But it could be true if they were careless. Lots of people have no concept of security on the internet, or just don't think that they could get hit. You never know what an exchange is going to do with your coins, so it's better to just keep them somewhere you feel is safe.

BTCballa

member

Activity: 152

Merit: 10

Quote from: cryptovagas on July 25, 2018, 12:26:03 PM

if this is really gonna happen, why do we advertise that crypto is a free world Angry

Quote

Recently, ibena reported that the U.S. Federal Government had confiscated 500 BTC belonging to Iranians — valued at 25 billion rials at the time of purchase.

The exact reason for the confiscation is unclear, though some speculate it has to do with Iranian bitcoin holders evading imposed U.S. sanctions.

Sepehr Mohammadi, the head of Iranian’s Blockchain Association, stated that confiscation had begun last year and was still continuing. He underscored the sentiment held by many when he expressed to ibena that “some people believe that this confiscation is because of circumventing U.S. sanctions by bitcoin holders.”

Mohammadi further explained that the total amount of assets confiscated by the Federal government was unclear but that it was at least 500 bitcoins (and counting). This represented a net purchase value of 25 billion rials — or about USD 5.77 million.

Source: https://bitcoinist.com/us-government-confiscates-iranian-bitcoin-holder-assets/

I'm wondering how somebody can I'm just confiscate bitcoin if nobody properly not having a law, that will regulate those things? Is no more which would defend your property presented in bitcoins it is a really dangerous thing to have?

HabBear

hero member

Activity: 1106

Merit: 638

IF this news isn't fake...

Iranians probably shouldn't keep their Bitcoin assets at an exchange that the US Government has jurisdiction over! The US government didn't walk into their house with a hammer and threaten their Trezor PIN out of them, these people were careless...and in a way...were victims of their own naivety.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Quote from: First77 on July 25, 2018, 10:33:46 PM

So Bitcoin wallets are just like any other bank account which can be taken over/freezed by Government or police if illegal activities or danger involved

If you keep your coins on exchange or some other online wallet, then yes, it's just like bank and the government can seize them. However, if you are smart about your coins, use privacy tools, encrypt and hide your private keys/seeds, then the only way the coins can be taken from you is forcing you to turn them over. So, Bitcoin is different from banks, but it's the responsibility of users to keep their coins safe from governments or other malicious parties.

CottonGuy

jr. member

Activity: 185

Merit: 5

So he was forced to reveal his bitcoin assets? and forced to withdrew it for confiscation?This is so funny. Is this news legitimate in the first place? Maybe there are some reasons why the US government did this to the Iranian. It would be unfair on his side if the US government will just confiscate everything without any reasons at all.

Topic: US GOVERNMENT CONFISCATES IRANIAN BITCOIN HOLDER ASSETS (Read 229 times)