Your Crypto Wallet May be in Trouble!!

Your Crypto Wallet May be in Trouble!!

people the crypto self- custody wallets
that we are using might be in trouble
two more have exited the space and
they’re being scared off yes people
they’re being scared off both Phoenix
and wasabi have exited the US market
amid self- custody wallet Crackdown and
of course it’s because of the regulatory
action against both consensus and
Samurai if you don’t remember Samurai a
couple of days ago
um they were arrested and charged with
money laundering and it says here
prosecutors are alleging Samurai wallet
laundered over 100 million in criminal
proceeds so they’re using this money
laundering to charge wallets Federal
prosecutors charge Samurai wallet
Founders Konan Rodriguez and William Lo
not lonan Hill with conspiracy to commit
money laundering on Wednesday as the US
government continues to approach of
Prosecuting crypto mixing tools that may
be used to by elicit actors and foreign
governments to hide fund transfers now
I’m not exactly sure how samurai
actually did mixing cuz I don’t really I
didn’t really like use Samurai wallet
but according to press release issued
Wednesday the par developed marketed and
operated the mixer which facilitated
more than 100 million in money
laundering transactions from illegal
dark webs now I’m not really sure how
many other wallets actually have this
mixer but um they’re they charge Samurai
and it looks like Phoenix and wasabi
have exited because they are afraid they
might be targeted next even if they
don’t have a mixer they’re afraid the
feds will find some way to charge them
and hopefully other wallets don’t follow
because if they shut off their services
these are non-custodial wallets like if
they shut off their services to the
United States we won’t have that many
places to store crypto I’m pretty sure
people will still use vpns to access
them but they might actually get uptight
about that now not really sure if
they’re going to really go after browser
extensions and other stuff but they’re
targeting w obviously so people don’t
really have any choice except to keep
their crypto on like an exchange like
coinbase or another US Health exchange
so they can control it it’s all about
control for Uncle Sam because they don’t
want you to getting away with money
laundering or tax evasion so they want
to take away your options for holding
cryptos both
aciq and ZK snacks raise concerns about
whether self- custodial wallet providers
can be seen as legitimate money service
business
so Samurai’s um situation might be kind
of peculiar because they had money they
had like a mixer in there but these C uh
wallets that don’t have mixers are
definitely being scared off and um you
know like the US government’s trying to
force these wallets to do kyc AML which
is pretty much impossible and they’re
trying to shut down everything that
doesn’t do kyc AML there’s going to be a
lot of lawsuits raised about this and
I’m not really sure which side of the
lawsuits going to win in light of recent
announcements by us authori ZK snacks is
now strictly prohibiting us users from
using its services ZK snacks wrote on an
April 27th statement obviously they
don’t want to be charged with like you
know $100
million um so I’m not really sure how
many other self- custody wallets will
actually follow in their footsteps aciq
has given Phoenix wallet users until May
2nd to adjust the upcoming changes while
the new policy at Wasabi wallet has
implemented effective immediately so you
have money in those wallets from the US
you might want to move them out so
Phoenix wallet on May 3rd Phoenix wallet
will REM will be removed from us app
stores users from the US should empty
their wallet settings close channels
Android settings drain wallet iOS we
highly recommend not force closing
channels as onchain fees could be
significant so like recently World
Regulators worldwide not just in the
United States but I’m sure the US is
leading the charge have urged that
self-c argue that self- custody wallets
May assist in facilitating illicit
activities of is money laundering but
just because they may doesn’t mean they
will and I think they’re taking it a
step too far on April 25th coin
Telegraph reported that consensus
received a Wells notice from the SEC
warning of potential enforcement actions
related to its metam mass swaps and
metam mass staking projects now if you
get rid of all the staking and swaps
within wallets that will take away a lot
of the utility of the wallet the wallet
where you can just keep your coins uh
but you can’t swap might be okay but a
lot of people do do want wallets where
you can actually swap but swapping isn’t
really mixing so I’m not really sure
where that connection is meanwhile just
a day earlier a coin Telegraph reported
that co-founders of crypto mixer Samurai
wallet were arrested on charges of money
laundering bought by Us doj and other
Char charges but they do have a mixer in
that wallet now if they’re considering
swaps mixers then everyone could be in a
lot of trouble I don’t really know if
they’re doing that I’m not really sure
how these actions are going to go and if
they’re going to win the lawsuits but it
does look like they are trying to force
people into exchanges where they can see
the money very clearly and you know like
take actions as necessary so they are
trying to nip it in the bud for people
to self custody their wallets because
they can’t completely track those
transactions or it’s too much work for
them to actually track those
transactions once it’s actually been
done however crypto exchanges must
perform due diligence such as identity
verification checks on users who carry
out businesses transactions of at least
€11,000 so essentially they want kyc on
everything hopefully this does get
overturned in the courts groups like the
ACLU and others they’re arguing that you
know it infringes on people’s right to
privacy First Amendment all that well
not first amendment but like infringes
on the Constitution and some of the
other stuff this is going to be a huge
huge legal battle and it might actually
affect which wallets or applications
that we can use so that’s the news for
today let me know what you think like
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#crypto #wallet #dangerous

New US enforcement actions may put self-custody wallets at risk.
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