Why the Government Getting Involved in Crypto Ain't Good
Something happened not too long ago and it made me realized and a bit concerned about the future of cryptocurrency.
We've seen Trump adding to his many promises that he stands for crypto and will see to it that the right laws are set in favor of crypto's progress in America which of course may affect the entire world.
But this recent incident between the US Treasury and some stolen Bitcoins that just got tracked and recovered is a very sad one.
The story of Tigran Gambaryan shows how justice in the US and typically around the globe is not being served right at all. Gambaryan who is a former IRS agent, played a significant role in tracing 69,000 stolen bitcoins connected to the Silk Road drug market.
What he did in the investigation allowed the US government to recover these funds which is currently worth about $4.4 billion.
Despite his effort in the recovery of the stolen Bitcoins, Gambaryan is at the moment sitting in a Nigerian jail. The guy was arrested while working for Binance, and the arrest happened right after leaving the IRS. The Nigerian government has charged him with money laundering and tax evasion. From what I've heard, the charges was targeted at Binance, not Gambaryan personally.
We've heard that CZ the former CEO of Binance has been released and similar charges were against him. So I'm thinking the government considers Gambaryan as doing something similar to what CZ did.
Maybe they're right and maybe they're wrong but for me I'm looking at this situation from a different angle. Why is the man responsible for helping the US recover billions in cryptocurrency locked up in another country?
At least if you'll keep him in jail, let it be in the US outnof courtesy for the help he gave.
His case is proof of how complicated the nature of international law and cryptocurrency regulation can be. This is the main reason why I really don't like the idea of government getting involved in cryptocurrency industry. The government, and this is my opinion, sets laws most of the times to favor them and that goes against a lot of people they were meant to serve. With Trump standing for crypto like I mentioned earlier on, if he wins he's only going to involve the government more in the crypto community and that will most certainly go against decentralization.
It's a sad thing that those who work hard to fight crime sometimes face unexpected challenges and for this I call it down right injustice. I hope the guy gets released soon. But maybe I could be totally wrong and perhaps the government have found out about something I have no clue of. But to have helped US recover a stolen 4.4 billion dollars worth of Bitcoin, he deserves to be praised on not behind bars in Nigeria.
It's a useful lesson. If you're lucky enough to recover $4.4Bn in stolen Bitcoin, don't expect the government to be grateful. It's better to keep it yourself, and cash out enough to be able to adopt a totally new identity in a country without an extradition treaty.
Yes bro, that's the lesson I learned... I wish I had that crypto.... I would have kept it all on HBD savings