Bitcoin Wallet Provider Ordered By Canadian Gov To Freeze User Assets, So They Explain Why It’s IMPOSSIBLE… | Live Breaking Cryptocurrency News | Global Crypto Press

Time Stamp: February 21, 2022 4:37 PM
Source Node: 1182028

Nunchuk offers Bitcoin wallets and multi-sig wallets to anybody who needs one (multisig is a wallet that requires greater than 1 particular person to unlock).  Their apps are free, their code is open supply – and so they’re by no means in possession of anybody’s funds.

So when the Canadian Government ordered the wallet provider to freeze funds and switch over all private info on a person, they as an alternative bought a lesson on crypto custody…

Canadian Government response
Storing crypto on a wallet you personal, aka “Self custody” means even the platform used to create that wallet does not have the keys to get inside – solely the proprietor will get that.

The upside – nobody has ever cracked a bitcoin wallet, not even essentially the most highly effective governments can take funds from a wallet with out the important thing to get in. 

The draw back, you higher write down or in any other case one way or the other save that key someplace that you’ll all the time have the ability to discover – there’s horror tales of individuals forgetting or shedding theirs, and in contrast to an alternate there isn’t any ‘password reset’ or buyer help to assist. 

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By: Michael Cobb
Toronto Newsroom
Global Crypto Press Association

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