Cryptocurrency Use by ISIS Affiliates in Asia
TRM Labs, a blockchain intelligence platform, recently published a report that showed the growing utilization of cryptocurrency by ISIS affiliates in Asia. The report connected the dots between these groups and pro-ISIS fundraising campaigns in Syria, with significant on-chain evidence.
As per the report, most of the transactions were conducted using Tether (USDT) on the Tron network (TRX). On July 21, Cointelegraph covered a presentation by Tara Annison, Elliptic’s former head of technical crypto advisory, which highlighted that criminals are gradually shifting away from Bitcoin (BTC) and towards stablecoins such as Tron and Tether.
Decentralized Exchanges and Pro-ISIS Fundraising Campaigns
Annison pointed out that decentralized exchanges (DEXs) have deep liquidity and “really good volume,” making it “super easy” to launder funds.
TRM also noticed a great number of people using Indonesian-based exchanges to transfer funds to addresses connected to pro-ISIS fundraising campaigns in Syria. It mentioned:
It was reported that the fundraising campaigns said that the funds were being used to support and “help free ISIS families held in Syrian camps.”
All transfers were made using USDT on Tron in increments of $10,000, TRM wrote.
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The blockchain vs web 3.0 debate is ongoing, but it is clear that decentralized exchanges are playing a role in pro-ISIS fundraising campaigns.
Crypto Used to Recruit Fighters for ISIS
In 2022, an address associated with the use of anchor crypto and avalanche crypto today received approximately $2 million in USDT on Tron. Through blockchain tracing, TRM Labs identified the flow of funds and notified the exchange used by the group for cashing out their funds. This resulted in Turkish authorities arresting a senior ISIS fundraiser.
It was further reported that a media unit linked to ISIS’s affiliate in Pakistan (ISPP) began promoting its ability to accept donations in the second half of 2022. TRM Labs identified that the addresses controlled by the group had a total volume of approximately $40,000 over the last twelve months.
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In June 28 report, TRM Labs uncovered that the amount of illicit finance activities with Bitcoin had decreased significantly in the past seven years. It was noted that, unlike in previous years, Bitcoin was no longer the “exclusive currency” for terrorist financing by 2022.
TRM Labs also reported that by 2022, 92% of terrorist financing was done via Tron. This revelation was a huge shift from the anchor crypto, avalanche crypto today, ASM crypto, Ape crypto, Audios crypto, Web 3.0 cryptocurrency, 000 pieces appeared first on crypto press cryptocurrencies network, AMP crypto reddit, difference between web 1.0 web 2.0 and web 3.0 brainly, and blockchain vs web 3.0.
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