UK government friezes £6million of crypto in the last 6 months.

[Jet Cash]

https://www.youtube.com/watch?v=Df0_Q_CV4GM

The UK government is continuing its crack down on crypto. One guy had an account with £1.5 million in it frozen. I believe it was in a Coinbase wallet. Obviously this is going to increase during the next 12 months, and it emphasises the fact that you should keep your crypto in a secure wallet, and where you are the only person that knows the private key and the seed.

[Hazink]

How can someone hold that kind of money in a centralised exchange? Not to be harsh, but the person typically got what he deserved. Coinbase is one of the exchanges that can easily freeze users funds once they suspect anything or the 3-letter government agencies ask them to do it.

Even if you want to hold money in a self-custodial wallet, it shouldn't be centralised tokens/coins. The worst of it is tether; they can freeze your fund while it's in your private wallet immediately. The government asks them to do that because they are fully open to obeying and taking orders from them.

[Ambatman]

I believe it was in a Coinbase wallet.

Yeah it was a Coinbase account as was stated by the link below
https://cryptoslate.com/u-k-officials-have-frozen-nearly-7-7m-worth-of-illicit-crypto-assets-in-one-year/

It seams the police force was given Authority to carry this freezing out?
Wouldn't innocent account be caught up in this mess( wouldn't be the first)

Despite all this illicit funds are still moved through traditional means than via Bitcoin or monero.

Side and unserious Note, maybe UK are trying to accumulate for a possible reserve

How can someone hold that kind of money in a centralised exchange? Not to be harsh, but the person typically got what he deserved.

Some people prefer ease to security.

[tbct_mt2]

https://www.youtube.com/watch?v=Df0_Q_CV4GM

The UK government is continuing its crack down on crypto. One guy had an account with £1.5 million in it frozen. I believe it was in a Coinbase wallet. Obviously this is going to increase during the next 12 months, and it emphasises the fact that you should keep your crypto in a secure wallet, and where you are the only person that knows the private key and the seed.

It's a general trend in Europe, and European Union countries but the UK government changed a lot with Keir Starmer as their President. More centralization, censorship, and likely dictatorship against their citizens. No free of speech in the UK in the last year and all these dramatic changes in the UK make me feeling no surprised about their actions against cryptocurrency market.

According to Bitcoin Treasuries, the UK Bitcoin holding chart is very sharply upward.
https://bitcointreasuries.net/

[o48o]

How can someone hold that kind of money in a centralised exchange? Not to be harsh, but the person typically got what he deserved. Coinbase is one of the exchanges that can easily freeze users funds once they suspect anything or the 3-letter government agencies ask them to do it.

Even if you want to hold money in a self-custodial wallet, it shouldn't be centralised tokens/coins. The worst of it is tether; they can freeze your fund while it's in your private wallet immediately. The government asks them to do that because they are fully open to obeying and taking orders from them.

Maybe they thought it was laundered well enough and were waiting to cash it out.

If i would have millions in crypto, frankly i would see Coinbase as excellent centralized option. It would be way safer then anything i could provide, and i wouldn't need to lose any sleep over losing my private key.

But that's only because i don't have any reason to believe i would be targeted by government officials / police. If i was a criminal or blacklisted by sanctions, then obviously CEXes wouldn't be an option. There was a reason why CEXes got bad name, but that wasn't because governments were freezing assets, it was because of exit scams were that common. Now when they aren't, most cexes are way more legit way to store anything.

It's against cypherpunk ethos i know, but if we act like financial institutions and governments getting in crypto investing is normal, we might as well endorse them.

[tabas]

If i would have millions in crypto, frankly i would see Coinbase as excellent centralized option. It would be way safer then anything i could provide, and i wouldn't need to lose any sleep over losing my private key.

So even after this news, do you think that you still see them as an excellent choice for your option?

If i was a criminal or blacklisted by sanctions, then obviously CEXes wouldn't be an option.

I think criminals are aware of this. They're not going to put themselves into trouble by doing so, the identities are there, and even if they're going to use someone else's identity. The funds that they've taken are going to be frozen still and that would be a waste for them.

[Doan9269]

https://www.youtube.com/watch?v=Df0_Q_CV4GM

The UK government is continuing its crack down on crypto. One guy had an account with £1.5 million in it frozen. I believe it was in a Coinbase wallet. Obviously this is going to increase during the next 12 months, and it emphasises the fact that you should keep your crypto in a secure wallet, and where you are the only person that knows the private key and the seed.

For those that are yet to be informed, here's another opportunity for them to learn and be aware of the kind of wallet that they could use for their safety and have with them the full control over their wallet, a centralized exchange should be the worst and least means of storage we should use, i have a few suggestions on bitcoin wallets we can go for, which are non custodial wallets for our safety while exchange should only be taken for trading and exchange of currencies and not for their storage.

bitcoincore
https://bitcoin.org/en/bitcoin-core/

Creating Electrum Cold Storage
Creating a cold storage wallet

Hardware wallets
https://en.bitcoin.it/wiki/Hardware_wallet

Open Source Hardware Wallets
https://bitcointalk.org/index.php?topic=5288971.0

[cabron]

If i would have millions in crypto, frankly i would see Coinbase as excellent centralized option. It would be way safer then anything i could provide, and i wouldn't need to lose any sleep over losing my private key.

So even after this news, do you think that you still see them as an excellent choice for your option?

If i was a criminal or blacklisted by sanctions, then obviously CEXes wouldn't be an option.

I think criminals are aware of this. They're not going to put themselves into trouble by doing so, the identities are there, and even if they're going to use someone else's identity. The funds that they've taken are going to be frozen still and that would be a waste for them.

Having millions would rather make you more worry about the funds you have inside the centralized platform. This isn't a safe place for your money when all of a sudden they will just suspect you of money laundering. So why is the guy in coinbase, there are some other exchanges out there.

Too bad for that guy for being too trust. If they could do this to crypto, how much more for the coming CBDC that Ursula von der Leyen been trying to launch.
 

[Free Market Capitalist]

...and it emphasises the fact that you should keep your crypto in a secure wallet, and where you are the only person that knows the private key and the seed.

For me, the emphasis is also on moving away from countries with woke governments, which is something like the classical communism but adapted to the XXI century: impoverish the population while increasing subsistence payments to make them grateful to you, put the focus on an enemy, external and internal, against which the government is supposed to protect you, control more and more people, repress harshly divergent political opinions, expel talent, reward mediocrity, etc., etc., etc., etc.

[Wexnident]

If i would have millions in crypto, frankly i would see Coinbase as excellent centralized option. It would be way safer then anything i could provide, and i wouldn't need to lose any sleep over losing my private key.

So even after this news, do you think that you still see them as an excellent choice for your option?

Personally? If I wasn't involved in any crime then yeah. I reckon you can take it to court anyway? Granted it'd probably take years but if your assets can be traced back really cleanly then I don't think there's going to be much issue. Heck, if you were trying to hide the transaction line in the first place then I don't think you'd be using a centralized option anyway.

Honestly would just do secure wallets. They ain't that hard to do lol but if people prefer comfort and automation more than security then I got nothing to say to them.

[tabas]

So even after this news, do you think that you still see them as an excellent choice for your option?

Personally? If I wasn't involved in any crime then yeah. I reckon you can take it to court anyway? Granted it'd probably take years but if your assets can be traced back really cleanly then I don't think there's going to be much issue. Heck, if you were trying to hide the transaction line in the first place then I don't think you'd be using a centralized option anyway.

Honestly would just do secure wallets. They ain't that hard to do lol but if people prefer comfort and automation more than security then I got nothing to say to them.

I don't even think of putting it into court because that's going to cost a lot, not just money but time and effort. That's why whenever someone has got a huge amount of funds, it's better for them to just go with the best option that they can by simply doing transactions there when they are about to sell and not to keep it. And to make sure that their funds are clean because cexes are too strict with huge sell offs.

Having millions would rather make you more worry about the funds you have inside the centralized platform. This isn't a safe place for your money when all of a sudden they will just suspect you of money laundering. So why is the guy in coinbase, there are some other exchanges out there.

Too bad for that guy for being too trust. If they could do this to crypto, how much more for the coming CBDC that Ursula von der Leyen been trying to launch.
 

I think this is a common problem for those folks who have that much money and are too lazy to keep it in their own hands by putting it into a wallet that they can keep with their own private keys. This isn't the first time we've read someone got their tons of funds into an exchange and held it there. And with CBDC, they're for sure going to more centralized than what people can imagine and are optimistic about it.

[Davidvictorson]

The UK government's goal is to regulate crypto. Simple. This is what every government wants. They want to be in charge. They want to know what is coming in, where it is going to and what it is being used for. And also if taxes are being paid on it. If you don't want the government all up in your business you already know what you should do.

PS: If you didn't watch the video, please do there is so much to learn about what is going on.

[Joy_learns_crypto]

The real question is this act to tackle money laundering, tax evasion and other criminal activities or just to fight cryptocurrency.
One thing that still blows my mind about police and other security agencies is trying to tackle a situation by creating more unnecessary situation. What this would do will cause some significant court cases as those whose accounts are frozen will take necessary steps to get it back there by causing more distractions from the main issue.
What happened to actually investigating a suspect and getting full evidence before any step can be taking? Honestly this is the wrong way to go in tackling kidnapping, money laundering or other activities .

[Churchillvv]

https://www.youtube.com/watch?v=Df0_Q_CV4GM

The UK government is continuing its crack down on crypto. One guy had an account with £1.5 million in it frozen. I believe it was in a Coinbase wallet. Obviously this is going to increase during the next 12 months, and it emphasises the fact that you should keep your crypto in a secure wallet, and where you are the only person that knows the private key and the seed.

I guess nobody is thinking what I'm thinking here! the UK might also be playing some tricks like the US just to freeze much more crypto especially bitcoin in wallets which they can reach out to or exchanges in other for the UK treasury to hold some crypto or bitcoin hence not to miss out the big moves this year.

However my thoughts might be wrong but could be somehow close to the intentions of the UK government.

The need to use good wallets have aroused years back yet guys seem to ignore it especially the billionaire/millionaire folks just because they feel the comfort of not having to think about the security of their holdings by handling it over to an exchange. I wouldn't call the folks who has such huge amounts of funds on exchange ignorant I'm sure they are aware of the risk of crackdown and money laundering cases.

[takuma sato]

How can someone hold that kind of money in a centralised exchange? Not to be harsh, but the person typically got what he deserved. Coinbase is one of the exchanges that can easily freeze users funds once they suspect anything or the 3-letter government agencies ask them to do it.

Even if you want to hold money in a self-custodial wallet, it shouldn't be centralised tokens/coins. The worst of it is tether; they can freeze your fund while it's in your private wallet immediately. The government asks them to do that because they are fully open to obeying and taking orders from them.

Maybe he was getting ready to sell. With the market being how it is now, it's clear that the macro is going to remain uncertain and so far BTC behaves like a leveraged NDX, so about 2 to 3x NASDAQ vol, about 6x SP500 vol. So if the market crashes a good 20%, then we may see a big crash on BTC and he wants to dump before that happens.
 

If you want to buy a nice house, you need to sell on an exchange that has KYC, because no bank will take your money otherwise. And so if you do this, and have some inputs that are blacklisted, it could be a problem. This is why getting paid in BTC and then wanting to use it to buy a home or anything that requires KYC is a risk because you may be holding blacklisted inputs and you don't even know it.

[Ultegra134]

How can someone hold that kind of money in a centralised exchange? Not to be harsh, but the person typically got what he deserved. Coinbase is one of the exchanges that can easily freeze users funds once they suspect anything or the 3-letter government agencies ask them to do it.

Even if you want to hold money in a self-custodial wallet, it shouldn't be centralised tokens/coins. The worst of it is tether; they can freeze your fund while it's in your private wallet immediately. The government asks them to do that because they are fully open to obeying and taking orders from them.

I believe we've all encountered whales or huge transactions on exchanges as well, Binance, Coinbase etc. have an extravagant amount of daily transactions and a huge volume of Bitcoin and altcoins. It would be a mistake to assume that investors do not leave large amounts of crypto in exchanges, just because it's not generally advisable. According to the video, the frozen funds are due to suspicions of fraud or money laundering, even though there are no charges being made.

This proves the importancy of using decentralized wallets, as the governments may even freeze your funds with no particular charge; they first freeze your assets and then conduct an investigation.

[Mia Chloe]

https://www.youtube.com/watch?v=Df0_Q_CV4GM
The UK government is continuing its crack down on crypto. One guy had an account with £1.5 million in it frozen. I believe it was in a Coinbase wallet. Obviously this is going to increase during the next 12 months, and it emphasises the fact that you should keep your crypto in a secure wallet, and where you are the only person that knows the private key and the seed.

Based on what we see on the ecosystem and how rampant freezing of accounts are these days on exchanges storing your coins on exchanges and their wallet counterparts is totally out of the box. Infact aside from the risks of frozen accounts losing your funds to hackers is also a problem too.

I wouldn't blame exchanges too much. They are out there with the role aim of profit so they would literally make sure not to piss the government off hence these freezing occurrences.

[mrmacintosh]

The point of crypto is to have your stuff unfreezable. Their fault for not moving it out of a public exchange.

[RockBell]

And when it comes to holding a huge amount of money in an exchange then you are risking your funds i don't know why people keep trusting, because when anything should even go wrong the authority can actually hold your founds and that is exactly what is currently happening because they might want to even investigate you.

But when you you have your funds in your wallet it is much more safer and you only have access to it and before you can accumulate that amount of bitcoin you need to have a serious knowledge about how  to keep your funds safe because that is one of the problems that we are facing currently.

And when you tell people to take the security they feel you are taking to much so you need to just get a secured wallet and then invest your funds because when you don't invest then a lot of issues will be coming up. At the end of the day.

[The Sceptical Chymist]

How can someone hold that kind of money in a centralised exchange? Not to be harsh, but the person typically got what he deserved. Coinbase is one of the exchanges that can easily freeze users funds once they suspect anything or the 3-letter government agencies ask them to do it.

So easy to just dismiss it like that--until it's your ass somebody's pouring molten lead into because you might not have learned enough about crypto fast enough (though that's an assumption about the case in hand that I don't know is true).  Saying it serves some guy right that he got all of that crypto frozen because he had it on Coinbase is being way too harsh IMO.

Also:



Fuck that, fuck google, fuck Coinbase.

But when you you have your funds in your wallet it is much more safer and you only have access to it and before you can accumulate that amount of bitcoin you need to have a serious knowledge about how  to keep your funds safe because that is one of the problems that we are facing currently.

And when you tell people to take the security they feel you are taking to much so you need to just get a secured wallet and then invest your funds because when you don't invest then a lot of issues will be coming up. At the end of the day.

Going to be blunt here, that's a bloated, bloviated load of shitposting horse manure.  What isn't nonsense is and has been patently obvious to most members around here for years now; you're apparently not in a sig campaign so why bother fatiguing your fingers?