US GOVERNMENT CONFISCATES IRANIAN BITCOIN HOLDER ASSETS

[cryptovagas]

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

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/

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[pooya87]

that news doesn't make any sense at all!
for example how did they confiscate these coins? and how many users did they belong to? was it one person doing something like a trade with a third party that they got in the middle and confiscated it? or is it from accounts on exchanges? if so which exchange because majority of them don't already allow anyone from Iran to sign up for instance Coinbase which is in US already blocks Iran.
and the title says "assets" but reports the value in BTC or was it bitcoin?!!!

[First77]

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

[CottonGuy]

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.

[hatshepsut93]

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.

[HabBear]

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.

[BTCballa]

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

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?

[christysmile]

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.

[dothebeats]

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

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.

[Conasse]

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

[Silenox]

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.

[jaaeeeyyyy]

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

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.

[cryptoscion]

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.   

[Betty10]

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.

[Hammonds]

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.

[HabBear]

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!

[PlusOne88]

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.

[Chachacoin17]

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. 

[Samaaliu]

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?

[Veterock]

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