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Bitcoin wallet Nunchuk scolds Ontario court over order to freeze crypto assets

Financial Post | Stephanie Hughes | Feb 22, 2022

bitcoin digital - Bitcoin wallet Nunchuk scolds Ontario court over order to freeze crypto assetsBitcoin wallet Nunchuk.io is pushing back against an order from the Ontario Superior Court demanding the platform freeze and disclose information on digital assets sent to anti-vaccine mandate protesters.

In a letter made public on Twitter, the company stated that it was a self-custodial bitcoin wallet and software provider, not a custodial financial intermediary.

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“We do not collect any user identification information beyond email addresses. We also do not hold any keys,” the letter read. “Therefore: We cannot ‘freeze’ our users’ assets; We cannot ‘prevent’ them from being moved; We do not have knowledge of ‘the existence, nature, value and location’ of our users’ assets. This is by design.”

“Please look up how self custody and private keys work,” the letter continued. “When the Canadian dollar becomes worthless, we will be here to serve you, too.”

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The Mareva Injunction, signed by Justice Judge Calum MacLeod, was also sent to eight other digital asset platforms, including Canada-based Bitbuy, as well as various fundraising platforms, financial institutions, and digital asset custodians.

In self-custodial wallets, digital asset owners hold their own private keys and thereby have exclusive access to their own assets, as opposed to having them in the custody of a financial third-party.

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