International terrorist groups, like ISIS and Al-Qaeda, have failed multiple times trying to fund-raise to support their criminal businesses using crypto, as reported by a declaration made today at a House Financial Services Committee hearing.
Yaya Fanusie, the director of investigation for the Foundation For Defense of Democracies Center on Sanctions and Illicit Finance stated in front of the hearing that the foreign terrorist organizations (FTOs) failed repeatedly trying to fund their destructive criminal operations by means of cryptocurrencies like Bitcoin and Ethereum.
Fanusie also pointed out a case of a failed 2016 online campaign that saw just two contributions being made to the Iraq-based Mujahideen Shura Council (MSC). The two transactions just added up to approximately $500. He additionally expressed that “cold hard cash is still king” for terrorists, because of the fact that it is so easy to conceal the cash and continue with the anonymous funding.
Moreover, Congress was also advised by Fanusie that crypto-based fund-raising campaigns could, in the long run, turn into fruitful methods for financing their operations, recommending that all U.S. government offices that focus their investigations on terrorist financing should better understand the intricate details of cryptocurrency transactions for more prominent investigation.
“By preparing now for terrorists’ increasing usage of cryptocurrencies, the U.S. can limit the ability to turn digital currency markets into a sanctuary for illicit finance,” Fanusie told Congress.
However, the rebel countries are having a contrast opinion to this-
While terrorist associations struggle to raise funds through crypto, the rebel countries that frequently harbor such associations are grasping the new technology.
Iran has been planning to launch its own particular national cryptocurrency supported by its fiat money, for dodging the US-led sections against the nation.
Another country of similar grounds, North Korea, has also been said to earn roughly $15 to $200 million by mining and selling cryptocurrencies like Bitcoin and Monero.
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