US lawmakers ask for more information on crypto seizure linked with terrorist organizations.

Two lawmakers asked the US cabinet to report more information about the seizure of cryptocurrency accounts reportedly linked to major terror organizations.

Two Democrat lawmakers have asked the White House to provide further details on a recent significant seizure of crypto accounts, which have been linked to one of the world’s largest terrorist organizations. Josh Gottheimer and Emanuel Cleaver asked the US cabinet to report more information about the seizure, which reportedly affected the crypto holdings of terrorist groups al-Qaeda, ISIS, and al-Qassam. The crypto seizure affected some 300 accounts linked to the terrorist groups. 

 

“The largest-ever seizure of online terrorist financing.”

According to the report by The Hill, the lawmakers said that it was vital members of the Subcommittee on National Security, International Development and Monetary Policy were sufficiently briefed by the administration on the matter. “Members of the Subcommittee on National Security, International Development and Monetary Policy must receive a briefing, at the appropriate classification level, on this action, the largest ever seizure of online terrorist financing, from the Department of Justice, the Department of the Treasury on this investigation,” the lawmakers argued. 

“This will further inform the Subcommittee on what legislative actions we should be undertaking to provide regulators and law enforcement the proper resources and tools to continue to address the illicit use of cryptocurrency and disrupt terrorist organizations’ financial networks,” according to the Democrat lawmakers. 

 

Crypto scams continue to rise amid the ongoing pandemic. 

Cryptocurrency scams have increased around the world amid the ongoing COVID-19 pandemic. Earlier this year, the US Federal Bureau of Investigation issued a warning saying scammers might be looking to unleash a surge in crypto scams. Several countries also reported a surge in crypto scams that included a spike in ransomware attacks, Ponzi schemes, and other different types of scams involving cryptocurrencies. Regulations regarding crypto are improving across countries, but crypto regulations are still in a grey area in most places. 

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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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