When the so-called “freedom convoy” pivoted to Bitcoin and other digital assets as a source of funds when traditional channels were cut off, Canadian authorities ratcheted up attempts to police the cryptocurrency space.
Now, with the convoy’s blockades cleared and some of those financial pressures relaxing, continuing efforts to recoup crypto from organizers are facing technological hurdles.
The fresh attention on crypto regulations began when convoy organizers, cut off from funds raised via GoFundMe and other crowdfunding platforms, turned to Bitcoin (BTC) and other blockchain-based assets to fund their ongoing blockades.
Some organizer estimates pegged the total BTC raised at roughly $1 million in equivalent Canadian dollars. When the Liberal government invoked the Emergencies Act, the unprecedented move included language directing financial institutions — including crypto exchanges — to freeze accounts linked to the protests. Read more: Ottawa’s Emergencies Act cracks down on convoy crypto.