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Bank refuses to deposit pensioner’s crypto profits. She made 100x on her $3,000 investment.

Bank refuses to deposit pensioner's massive Bitcoin savings 69-year-old Esther Freeman invested around $3,000 in Bitcoin eight years ago, but Israel's Bank Hapoalim is unwilling to accept her 100x profits, claiming there is a "risk of money laundering and terror financing" as she made her initial purchase in cash

Lital Dobrovitsky 16:3525.11.21

Sixty-nine-year-old Israeli pensioner Esther Freeman took the advice of her family members eight years ago and purchased NIS 10,000 (approximately $3,160) worth of Bitcoin. After HODLing the digital currency for eight years, Freeman decided that she wanted to convert some of her Bitcoin to fiat money this past June, discovering that the value of her crypto had reached almost NIS 1 million.  "I'm young in spirit," said Freeman, who lives in assisted living. "I listened to my son and nephews and decided to give it a shot. I had no prior knowledge on the matter and was completely naive. I never dreamed that NIS 10,000 could become almost NIS 1 million."   Esther Freeman. Photo: Haim Hornshtein  However, the fairytale story has yet to reach a happy ending. Freeman filed a lawsuit at the Tel Aviv District Court last week through attorneys Shaul Zioni and Lior Kiperman of the Zioni, Pillersdorf, Phillip Advocates law firm against Bank Hapoalim after it refused to deposit the funds she amassed through her Bitcoin investment. Freeman has held an account at the bank for the past 40 years, but the bank claims that it refuses to accept the funds as Freeman had purchased the Bitcoin in cash, and therefore it has no way of verifying the money route.  "The characteristics of digital currencies allow for them to be transferred in an anonymous and unregulated manner, many times circumventing the need to use financial institutions who are under anti-money laundering and terror financing regulations, and therefore this is an activity that carries a high risk of anti-money laundering and terro...
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