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Coinbase blocks 25K crypto wallets related to Russians involved in illicit activity

Mar. 07, 2022 3:17 PM ETCoinbase Global, Inc. (COIN)By: Liz Kiesche, SA News Editor17 Comments

Economy sanctions. Inscription sanctions on Russia flag.

Standart/iStock via Getty Images

Coinbase Global (COIN -2.6%) is blocking ~25K addresses related to Russian individuals or entities the company believes to be engaging in illicit activities, Coinbase Chief Legal Officer Paul Grewal said in a blog post

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Comments (17)

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"25k wallets involved in illicit activities." Wow, these guys are baaaaad.

Seems Hollywood is on to a winner - all the bad guys in movies going back to being Russian. American actors with dodgy accents. No more Muslim baddies - don't have to hire Arab actors anymore !!!!
Nick Cox profile picture
If every illegal and dodgy cryptocurrency transaction was blocked, they would have a very low turnover!
magichr profile picture
@Nick Cox No they wouldn't. You buy anything illegal from their wallet your account is 100% getting frozen. They have top of the line security. People have get their money off their exchange into another wallet to buy stuff they aren't supposed to be buying.
SA-NJ52 profile picture
They have blocked ONLY 25000 wallets???

magichr profile picture
@gandc Ya not all russians are criminals. You didn't know that?
PleaseJustNo profile picture
A lot of innocent victims and false-positives are targeted in this way. Today it happened to "Russians", but tomorrow it can happen to you. I don't know why people even use Coinbase anymore. It is not wise to hold any crypto in an exchange such as Coinbase. For trading, various permissionless swap sites work. For acquisition, if Coinbase or such an exchange is used, the funds must immediately be moved off-site.
@PleaseJustNo Exactly. $COIN is DONE!!!
Some morons who have no clue about crypto may stick to tgese crooks. Anyone who has even a rudimentary grasp of crypto will flee this exchange now.
They committed hara-kiri.

I always said this is a crooked, low quality, high fee exchange that has no future. They ened their miserable existence a lot faster than even I had thought.

Couldn't happen to a more deserving bunch of crooks though of course, the guys behind this exchange of thieves cashed out heavily while clueless pumpers here touted it as a strong buy all the way down.
@fx_ dude, so obvious that you r a short. Super transparent.
@snoopdogg Sure I am or rather was and I never hid it! Though you are wrong, sort of. I covered my short yesterday (before posting my comment) and will re-enter it on any bounce towards 190-200s. Could have gotten even a slightly better price had I waited for another day but i don't complain.
All my points raised stand (see my longer assessment of this shitty company - yesterday's news is just another nail in its coffin) and all your whining won't change a thing. Deal with it.
TraderJoeZ profile picture
B-B-But decentralized!!! Libertarian magic money!!!! Oh Noes
@TraderJoeZ Coinbase is a broker proving they are equally capable of enforcing sanctions and blocking criminals as any bank, if not better, thanks to the public nature of blockchain transfers. What they can't stop is a wallet held outside of coinbase from transferring funds to other wallets outside of coinbase. Similar to how Chase can block use of a Chase checking account, but can't stop someone from mailing someone else a box of cash or even a pre-paid card Visa debit card purchased with funds taken from that account before sanctions were in place.
@TraderJoeZ I don't think you know how it works. The fact the, let's say bitcoin, is decentralized does not change anything to the fact that a public company can freeze you asset. It's still decentralize, these dumb people simply put a decentralized asset on a centralized platform.
TraderJoeZ profile picture
@JW209 I wasn't representing to know how Bitcoin works...I was simply taking this opportunity to make fun of it

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