TD Bank to hand convoy funds to court as organizers turn to cryptocurrency
A Canadian financial institution has struck another blow against the attempts by the convoy group blockading Ottawa to collect on the millions of dollars it has solicited in online donations.
On Friday, TD Bank told CTV News that it would apply to surrender to an Ontario court the money that had not been refunded by GoFundMe, totalling about $1 million, as well as some $400,000 the group had accepted through direct donations.
“TD has asked the court to accept the funds, which were raised through crowdfunding and deposited into personal accounts at TD, so they may be managed and distributed in accordance with the intentions of the donors, and/or to be returned to the donors who have requested refunds but whose entitlement to a refund cannot be determined by TD,” spokesperson Carla Hindman said.
Convoy lawyer Keith Wilson said that the group planned to fight to retrieve any money they had raised — and could be seen in a video promoting the group’s next play: a cryptocurrency fundraiser that has raised almost US$1 million.
“We will be taking expedited legal steps to have the restrictions on the donated funds lifted as soon as possible,” Wilson said in an email to CTV News.
It’s another hurdle in collecting any donations for the convoy, which has occupied Ottawa for about two weeks and blocked other border crossings as a protest of vaccine mandates. The ongoing protest prompted Ontario Premier Doug Ford to declare a provincial state of emergency Friday.
Of the more than $10 million raised by crowdfunding platform GoFundMe, only $1 million was deposited, before GoFundMe opted to return the remainder of the funds.
A second set of fundraisers, set up on GiveSendGo, has reached almost $9 million as of Friday.
But late Thursday, the Ontario Superior Court froze funds coming from those accounts, after an application from the province’s Attorney-General that alleged the funds would further a criminal act: mischief on the streets of Ottawa. GiveSendGo has said the order does not apply to it and is still raising the funds.
In a video posted on Facebook by supporters, convoy organizers discuss the strategy online for fundraising, turning to a crowdfunding website that has raised the equivalent of US$913,000 as of Friday afternoon, in satoshis, which each represent a 100 millionth fraction of a bitcoin.
“The principle philosophy of what Bitcoin is is freedom,” one says. “For everyone who had their voice stolen by “GoFraudMe”, “GoFundMe,” you should feel solace that there are now alternatives.”
According to documents filed in an Ontario court, the Ottawa Police were watching that video too. In their affidavit, an officer referenced the convoy’s cryptocurrency fundraising strategy, but authorities didn’t apply to freeze any of it.
The digital currency is decentralized, say experts, so it is difficult to regulate. This crowdfunding approach may become the norm, Erica Pimentel of Queens University said.
“I think Bitcoin is going to become the currency of social movements. And they are going to be playing international whack-a-mole trying to stand in the way of those transactions,” Pimentel said.
James Cohen of Transparency International Canada said the widely publicized use of cryptocurrency to fund what authorities have deemed an illegal act could be the catalyst for more transparency in how groups fundraise internationally.
“This isn’t new. The warning signs have been up well before this event,” he said. “This situation kind of amplifies things as all Canadians are witnessing the effects of anonymous money in real time, so there’s more momentum to do things.”
Cohen said any international money or cryptocurrency will become subject to Canadian rules as soon as someone attempts to convert it to legal tender to buy things protesters have been spending money on, including gasoline.
“They can say Canada doesn’t have jurisdiction, but the second it touches a Canadian financial institution it does have jurisdiction,” he said.
CTVNews.ca Top Stories
BREAKING Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
AstraZeneca says it will withdraw COVID-19 vaccine globally as demand dips
AstraZeneca said on Tuesday it had initiated the worldwide withdrawal of its COVID-19 vaccine due to a 'surplus of available updated vaccines' since the pandemic.
Toronto police seek suspect vehicle after security guard shot outside Drake's mansion
Toronto police are seeking help from the public as they continue to investigate a shooting that seriously injured a security guard outside rapper Drake's mansion.
'Ozempic babies': Reports of surprise pregnancies raise new questions about weight loss drugs
Numerous women have shared stories of 'Ozempic babies' on social media. But the joy some experience in discovering pregnancies may come with anxiety about the unknowns.
OPINION What King Charles' schedule being too 'full' to accommodate son suggests
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
Seafood, eat food: Calgary Stampede releases Midway menu
The Calgary Stampede has released its menu of sweet, salty and spicy treats available on the Midway for the Greatest Outdoor Show on Earth.
Boy Scouts of America is rebranding. Here's why they've changed their name
After more than a century, Boy Scouts of America is rebranding as Scouting America, another major shakeup for an organization that once proudly resisted change.
World's record-breaking hot temperature streak stretches through April
The world just experienced its hottest April on record, extending an 11-month streak in which every month set a temperature record, the European Union's climate change monitoring service said on Wednesday.
Most of Canada to receive emergency alert test today
The federal government will test its capacity to issue emergency alerts today, with the exception of Ontario, where the test will take place on May 15.