Terrorists are using more sophisticated ways to raise funds via cryptocurrencies.

Blockchain analysis firm Chainalysis found that terrorism financing schemes using cryptocurrencies are growing in sophistication. The military wing of Hamas raised funds through a website that generated a new bitcoin address for every donor to send funds to.

The New-York based researching firm, Chainalysis, reported that terrorists are getting more sophisticated as to how they raise their funds, which in result has made it difficult for government officials to catch them.

 

Terrorists collected thousands of dollars in crypto in just one campaign.

According to the research firm, in one instance, terrorists collected crypto donations worth tens of thousands of dollars in just one campaign in 2019. Last year, Izz ad-Din al-Qassam Brigades (AQB), the military wing of Hamas, and a designated terrorist organization raised funds through a website that generated a new bitcoin address for every donor to send funds to. The first time a terrorist group deployed this sort of technology.

 

More than $2.8 billion in bitcoins were laundered via exchanges last year.

An earlier report by Chainalysis revealed that bitcoins tainted with crime worth over $2.8 billion were laundered using crypto exchanges. Out of all those bitcoins, half of them were laundered through the world’s leading crypto exchanges Binance and Huobi. Use of bitcoin in terror funding and money laundering has been the prime concern of authorities all around the world, and its the reason behind more strict regulations on crypto exchanges and users. Earlier, FATF issued guidelines to crypto exchanges in order to combat terror financing.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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