Over 500 BTC Belonging to Iranians Seized by US Government: Report

[Emeskhalifah]

According to the head of Iran’s Blockchain Association, over 500 BTC belonging to Iranians were confiscated by the U.S. government last year, and the number is still rising. He explains that Iranians are unable to take action through proper channels from within their country due to Iran’s legal status of cryptocurrency. epehr Mohammadi, the president of Iran’s Blockchain Association, told Ibena news outlet last week.
He admitted that the exact number of confiscated BTC “is not clear, but it is expected to be over 500 bitcoins, worth approximately 25 billion tomans ($5.77 million)” at the time, the publication quoted him.

“Some people believe that this confiscation is because bitcoin owners were circumventing U.S. sanctions,” Mohammadi added.

Over 500 BTC Belonging to Iranians Seized by US Government: ReportRecently, news.Bitcoin.com reported that the government of Iran is considering using cryptocurrencies to evade long-held U.S. economic sanctions. Mohammad Reza Pour-Ebrahimi, the chairman of the Iranian Parliament’s Economic Commission, said in an interview with Mizan news agency on July 15 that digital currencies are among the major mechanisms that Iran can use to the evade the sanctions. He noted that the Iranian parliament will soon discuss this issue.

Source: bitcoin.com

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[gentlemand]

Presumably this was through exchanges like Bittrex and Poloniex? I seem to recall Iranians reporting problems with both of those places. Probably others too.

Good old America. Always ready to steal from anyone they can get their hands on.

[richardsNY]

Good old America. Always ready to steal from anyone they can get their hands on.

Being the world police definitely costs money, which the dumbos of the world have to cough up. This once again shows that exchanges yet again prove to be centralized traps granting governments the exact same control banks grant them. No wonder that the overall volumes on exchanges are declining and not much fresh capital enters. Exchanges have proven to be unreliable due to *staged* hacks, and then you have all this nonsense on top of that. Not in a hundred years would I deposit large sums of money on an exchange, and that's very likely how millionaires and institutions seem to think as well. They rather stick with futures and options....

[audaciousbeing]

According to the head of Iran’s Blockchain Association, over 500 BTC belonging to Iranians were confiscated by the U.S. government last year, and the number is still rising. He explains that Iranians are unable to take action through proper channels from within their country due to Iran’s legal status of cryptocurrency. epehr Mohammadi, the president of Iran’s Blockchain Association, told Ibena news outlet last week.
He admitted that the exact number of confiscated BTC “is not clear, but it is expected to be over 500 bitcoins, worth approximately 25 billion tomans ($5.77 million)” at the time, the publication quoted him.

“Some people believe that this confiscation is because bitcoin owners were circumventing U.S. sanctions,” Mohammadi added.

Over 500 BTC Belonging to Iranians Seized by US Government: ReportRecently, news.Bitcoin.com reported that the government of Iran is considering using cryptocurrencies to evade long-held U.S. economic sanctions. Mohammad Reza Pour-Ebrahimi, the chairman of the Iranian Parliament’s Economic Commission, said in an interview with Mizan news agency on July 15 that digital currencies are among the major mechanisms that Iran can use to the evade the sanctions. He noted that the Iranian parliament will soon discuss this issue.

Source: bitcoin.com

Technically, they confiscated what does not exist according to the Iranian law so there is no case here. If the Iranian government believes they are being short changed, they should do the right thing so that they can channel their grievances to the right authority but sitting on the fence and watching from the sideways would only make them lose what should come to them as revenues to other countries and there is nothing they they can do about it.

If US government can target them and seized it, it then show some level of loopholes in the process of keeping their btc which those who are yet to be affected can look into or else if the opportunity presents itself, they would surely take it to the fullest.

[avikz]

The way America's current government is handling their international relations, they are going to be separated by the majority of other countries. America didn't yet realize the true power of China and making a big mistake by underestimating them.

The biggest Chinese oil refinery company Dongming petrochem already stopped buying crude from USA and switched to Iran completely. Slowly majority of the Chinese companies will follow the same route. US economy will inevitably go down due to the current policies taken by Trump government.

Seizing bitcoins from Iranian people only shows their level of desperation. The way USA is moving under the current president, will bring a great level of misfortune to them.

[Hueristic]

The way America's current government is handling their international relations, they are going to be separated by the majority of other countries. America didn't yet realize the true power of China and making a big mistake by underestimating them.

The biggest Chinese oil refinery company Dongming petrochem already stopped buying crude from USA and switched to Iran completely. Slowly majority of the Chinese companies will follow the same route. US economy will inevitably go down due to the current policies taken by Trump government.

Seizing bitcoins from Iranian people only shows their level of desperation. The way USA is moving under the current president, will bring a great level of misfortune to them.

Of course they do, those in control could just give a shit less. They won't be the ones paying.

[gantez]

Presumably this was through exchanges like Bittrex and Poloniex?

Oh... I was going to ask how possible seizure would be in cryptocurrency. Now I have an idea, probably collaboration where it is with an exchange .  

The way USA is moving under the current president, will bring a great level of misfortune to them.

This reminds me of September 11 attack during the Bush administration... USA gets itself locked up in playing the self acclaimed role of world watch dog especially when the Republicans are occupying the white house.

[countryfree]

Any link? How did this happen?

I suppose they seized the computers of Iranians living, or traveling in the US. Or could there be another way? Did the US government seized BTC at an American exchange, where some customers happen to be Iranian citizens?

[stomachgrowls]

Good old America. Always ready to steal from anyone they can get their hands on.

Being the world police definitely costs money, which the dumbos of the world have to cough up. This once again shows that exchanges yet again prove to be centralized traps granting governments the exact same control banks grant them. No wonder that the overall volumes on exchanges are declining and not much fresh capital enters. Exchanges have proven to be unreliable due to *staged* hacks, and then you have all this nonsense on top of that. Not in a hundred years would I deposit large sums of money on an exchange, and that's very likely how millionaires and institutions seem to think as well. They rather stick with futures and options....

These are the thing or the reasons why those millionaires or eve billionaires do hold back on investing because of this possible reason or scenario they do know the possible risk if they tend to proceed.
Two risk government intervention and possible hacks even on my side i would really hesitate to put up. For Bigplayers they are somehow smarter yet they do know how to circulate money to make money.
In the issue above im not surprised on that seize up of BTC funds, they can anytime make alibis.

[yabi]

Presumably this was through exchanges like Bittrex and Poloniex? I seem to recall Iranians reporting problems with both of those places. Probably others too.

Good old America. Always ready to steal from anyone they can get their hands on.

I thought Bitcoin is safe and impossible to be seized?!?
Could u plz explain how it is possible through an exchange?

[squatter]

Any link? How did this happen?

I suppose they seized the computers of Iranians living, or traveling in the US. Or could there be another way? Did the US government seized BTC at an American exchange, where some customers happen to be Iranian citizens?

The articles on this subject are very vague and don't mention the exact details: https://bitcoinist.com/us-government-confiscates-iranian-bitcoin-holder-assets/

Like gentlemand mentioned, I think it was Iranian account holders at American exchanges. I've heard complaints from Iranians going back to last year about Bittrex locking their accounts and providing zero recourse.

It really sucks, because it was the fault of the exchanges. They shouldn't have been doing business with residents of sanctioned countries, but they did, and their terms allowed for it. Then overnight, presumably by some intervention by US authorities, their accounts began being locked.

I thought Bitcoin is safe and impossible to be seized?!?
Could u plz explain how it is possible through an exchange?

Exchanges are just centralized businesses. They control the private keys to the cryptocurrency in your "account." They handed the coins over to the US government.