Freezing is mainly divided into2 types: bank freezing and judicial freezing.
The first type is bank freezing.
Bank freezing mainly has2 kinds:
In some countries and regions, banks do not allow bank accounts to participate in digital asset transactions (for example, if the transfer notes include BTC, ETH, USDT, etc., triggering the bank's risk control system). Therefore, when an account is involved in digital asset transactions, the bank may freeze the account or suspend some transaction permissions;
It may also be because the account's behavior triggered the bank's anti-money laundering system (for example, large transfers late at night, frequent transactions with many people, or the card having no balance for a long time).
Generally speaking, banks do not directly freeze bank cards but may restrict your non-counter business or impose “pay only, no receive” status, meaning some transaction permissions are suspended.
How to handle this situation?
Contact your account-opening bank directly and provide the required information as requested by the bank (usually an explanation of the source and destination of funds).
How to prevent this situation?
First, when trading with buyers, remind them not to include sensitive words like USDT, BTC, etc., in the transaction notes.
Second, do not use only one bank card; prepare several cards and switch them periodically.
The second type is the judicial freezing, which is the most concerning and troublesome for everyone.
The logic of judicial freezing varies according to the judicial procedures of different countries, but it is generally similar.
After a victim is scammed and reports to the police, the police freeze all bank accounts involved in the flow of the victim’s money. For example, if the victim’s money was transferred to bank account A, which then transferred to account B, B to C, and further extended to D, E, F; then accounts A, B, C, D, E, F may all be frozen, even though B, C, D, E, F might be unaware of the source of these funds.
Freezing generally does not happen immediately upon receiving suspicious funds. You might be frozen due to a transaction from a month ago, but usually, it is because of a transaction from a few days earlier.
How to handle this situation?
If your bank card is judicially frozen, you need to check with your bank branch or bank hotline about how long the freeze period is and which authority has frozen it. These two pieces of information are very important and will definitely be shown in the bank’s backend; it is best to obtain both.
Most judicial freezes are temporary and cooperate with the police investigation, and will automatically be lifted within two or three business days. This type does not require action and will be lifted automatically upon expiration. However, be sure to transfer the money out by the expiration time, as the case involved might have victims in multiple locations, potentially leading to multiple freezes and possible re-freezing in the future. Also, note that the 48 or 72-hour period is not always exact; some releases may be delayed by a few hours or even half a day.
The second type shows a freeze for half a year.
Generally, this happens if you directly received suspicious funds or are close to the source of suspicious funds, and the freeze may last for six months. Of course, due to differences in judicial authorities’ handling methods in various regions, some places directly freeze for six months.
How to handle this situation?
Contact the local police as soon as possible and ask them to provide which transaction caused you to be implicated. If they provide this, follow the local police’s instructions and provide relevant information. This information is generally used to explain why you conducted the transfer of these funds. Usually, this includes your OTC trading order records on Nodexx within a certain period (you can log into your Nodexx OTC account, click orders at the top right, and export and print them), your frozen bank card transaction statements, etc. Additionally, if the police require you to provide personal information of a counterparty, you can contact OTC customer service and follow the legal process provided by customer support.
After submitting these materials to the police, depending on the local public security system and the case, they will provide some feedback. For example, some places strictly require solving or dismissing the case before unfreezing, some only freeze the involved funds, and some places can unfreeze directly. If after making a statement, the police refuse to unfreeze directly, you can ask about the involved funds; if the involved funds are much less than the frozen amount, you can apply to unfreeze the non-involved funds. Legally speaking, if you truly did not participate in telecom fraud or money laundering and were only frozen because of selling digital assets, you should be considered an innocent victim caught up in the case, and it is recommended to consult relevant lawyers for assistance.
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