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Cryptocurrency For Terror Funding: Al-Qaeda, ISIS, Hamas Dealing In Cryptos For Fueling Terror, Chainalysis Report
NEW DELHI: Cryptocurrencies are being used to fund terrorism. According to a Chainalysis research, terrorist organisations such as Al-Qaeda, ISIS, Hamas, Yaqub Foundations, Merciful Hands, Katibat Tawhid, ITMC, Al-Qassam, Ansaar International, and Al Ikhwan sought to finance their operations using bitcoin in 2021.
Terrorism financing is the provision of funds for such acts or the provision of financial assistance to non-state actors.
According to the 2022 February Crypto Crime Report, Al-Qaeda raised cryptocurrency in 2019 and 2020 via Telegram channels and Facebook groups. According to the report, the Federal Bureau of Investigation (FBI), Homeland Security Investigations (HSI), and IRS-CI (Internal Revenue Service, Criminal Investigation) recovered more than $1 million from a money service company (MSB) operator who facilitated some of these transactions.
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According to the report, al-Qassam Brigades, Hamas’ military wing, received over $100,000 in donations in early spring 2021. In addition, in July, the Israeli government confiscated a large portion of it from related MSBs (money services businesses).
On June 30, 2021, Israel’s National Bureau for Counter Terror Financing (NBCTF) reported the confiscation of cryptocurrencies stored by various wallets linked to Hamas contribution efforts. According to numerous media accounts, the action followed a significant surge in bitcoin payments to al-Qassam Brigades in May, following increasing fighting between the group and Israeli forces.
Not only did the NBCTF seize Bitcoin, but also Ether, Tether, and XRP. According to the Chainalysis report, the seizure was made feasible via an investigation of open-source intelligence (OSINT) and blockchain data.
The Chainalysis analysis warns that as terrorist organisations adopt more blockchain technologies and bitcoin fundraising methods, governments must catch up.
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