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Author Topic: FED action against bitcoin & crypto  (Read 424 times)
alani123 (OP)
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May 18, 2024, 12:24:51 AM
 #41

https://www.axios.com/2024/05/14/tornado-cash-alexey-pertsev-crypto

Tornado Cash developer was convicted in the Netherlands and sentenced to 64 months in Prison, after a lengthy process.

I saw on twitter today that the intense prosecution of Tornado Cash developers and pressure to convict them by the US is reasonable given that a major user of the service had become North Korea. Well aside of the fact that developers can't control who uses a decentralized and distributed service, the irony is lost in the fact that the US has historically been a much more aggressive state for other countries. North Korea hasn't toppled any foreign government. The US has done it hundreds if not thousands of times.

But for the United States to maintain its status as a global leader, people have to suffer. Anyone who defies that, even just developers who write code for other people to use, will get complementary punishments. As if prosecutors don't have more serious matters to dedicate their time on than protecting US oligarch global insterests...

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BADecker
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May 18, 2024, 01:03:32 AM
 #42

Remember one thin. Governmental activities are not against Bitcoin and crypto. They are against the people who use these coins. A bitcoin doesn't care if somebody beats it with a hammer.

Cool

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martinex
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May 18, 2024, 02:32:05 AM
 #43

Remember one thin. Governmental activities are not against Bitcoin and crypto. They are against the people who use these coins. A bitcoin doesn't care if somebody beats it with a hammer.

Cool

Those pursued are not others, of course, their own citizens. I think this is a form of defense born from the government because it has seen a level of tendency for users, especially citizens who own a lot of BTC assets and this will be considered to weaken the government's authority over capital controls that have been regulated by the government.

I don't know when this will end because until now they seem to be pictured not directly opposed but always seem to look with distrust towards BTC who knows what they really think?Huh

MusaMohamed
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May 18, 2024, 03:32:34 AM
 #44

https://www.axios.com/2024/05/14/tornado-cash-alexey-pertsev-crypto

Tornado Cash developer was convicted in the Netherlands and sentenced to 64 months in Prison, after a lengthy process.
There is a most common counter argument that nobody will sentence a producer of knife, gun in prison if someone else bought a knife, a gun and use it to kill somebody. This makes sense and logic but governments with their power in hands, don't want to interpret things and procedures like this. If they don't like a kind of service, like mixers, they will arrest the service providers and sentence them in prison for years.

Quote
I saw on twitter today that the intense prosecution of Tornado Cash developers and pressure to convict them by the US is reasonable given that a major user of the service had become North Korea.
It starts to become geopolitical issue, no longer about legality of a service, product like mixer. If a mixer is used by anyone, any entity but criminals from North Korea like Lazarus group don't use it, governments will not cooperate at global scale to seize a platform and will not sentence the owner, operate in prison.

it is not fair and does not make any sense at all but again they are governments.

Quote
But for the United States to maintain its status as a global leader, people have to suffer.
Things start to become worse, with less space for privacy while privacy matters for all of us.
tread93
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May 19, 2024, 02:05:40 PM
 #45

Apr. 24: Samourai Wallet Founders Arrested and Charged With Money Laundering
Privacy wallet devs arrested for... Developing a privacy wallet. One was unfortunate enough to be arrested in the U.S. and the other will be facing an extradition battle.

Apr. 30: Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal
CZ Got sentenced to a jail sentence in spite of him having made a very extensive plea deal with the feds only to avoid jail. He had even given up his role as CEO. CZ had willingly come to the U.S. to stand trial and he still didn't manage to avoid a sentence even though he fully cooperated. Albeit a small sentence it goes to show how ferocious feds can be.

May 1: DOJ charges ‘Bitcoin Jesus’ with $48 million tax fraud, seeks extradition
Early bitcoin supporter and investor Roger Ver, who had rescinded his U.S. citizenship and was traveling on a Saint Kitts passport he had bought, was recently arrested abroad. Now the feds are seeking his extradition.  

May 2: Wasabi Bitcoin privacy mixing service to shut down starting June 1, zkSNACKs cites legal certainty concerns
Another prominent privacy wallet shut down its privacy component proactively in light of developments from the U.S. pursuing action against privacy wallet developers.

There is definitely a trend line here & Biden's administration is obviously not loving crypto at the moment. They want to shut it down, lock it out, stop it any way that they can. But to someone's point this will just push the bad guys in another direction that doesn't put them at risk when they pull an atomic swap on the funds from BTC to XME or others & honestly because of this it may be even more hard for authorities to track these guys if they stay on the route that they are on here, I'll post the tread link here: https://bitcointalk.org/index.php?topic=5495931.0

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May 19, 2024, 03:16:14 PM
 #46

When someone is charged with a crime, it's important to determine whether it's an unjustified charge that is actually for something a person says/does/represents or a justified charge. Then, if it's the latter, a person has the right to fair trial. In case of Samourai wallet, the founders are accused that their tool "facilitated more than $100 million in money laundering transactions from illegal dark web markets". The charge itself seems fair, and the US has fairly strong democratic institutions, so there's a good chance of fair trial.
CZ pleaded guilty to enabling money laundering, and 4 months of prison aren't a big term, IMO. Roger Ver is charged with $48 million tax fraud, which is also a serious crime.
I agree it's a long of cases with very recent updates, but that might be an attempt to impose strict regulations rather than to go against Bitcoin. Also, note that the charges are against representatives of centralized platforms and only in one case against an individual who didn't pay taxes. Overall, that seems fair to me.

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May 19, 2024, 03:25:10 PM
 #47

FED, DOJ, SEC can do anti-Bitcoin, anti-cryptocurrency actions and can do some regulations to serve their fights against this market but they must now, by doing such fights, they are fighting against their citizens.

Things like this have a bad side and a good side. I get that the government are using all there power to fight bitcoin and crypto in it's own way, but looking from a different perspective, there doing their jobs.
If there are no regulations and the regulatory bodies don't do their jobs people will commit so many crimes and break so many laws with their platforms. If prominent people are allowed to do whatever they want they will get away with a lot, despite all the regulations, they get away with a lot talk more of little to no regulation.

The downside is that the feds just want to scapegoat whoever they catch at this point. Cz was a clear case of scapegoating for me, even though he was guilty. I feel it's either the crime was worse than reported or the feds wanted to make a statement with CZ.

R


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