Spanish Police Crack Down On Crypto-Based ISIS Funding Operation

Spanish police successfully dismantled a network involved in financing ISIS through crypto transactions, resulting in the arrest of five individuals over the weekend. The operation, part of a two-and-a-half-year investigation, targeted individuals allegedly connected to the terrorist organization known as DAESH or ISIS.  The arrests were made in Valencia (2), Cáceres, Alicante, and Guipúzcoa. Four of the suspects have been remanded in custody by court order. Global Network Financing ISIS Via Crypto? According to the official statement of the Spanish national police, the operation marks the second phase of “MIYA,”…

Evidence of crypto usage by ISIS is ‘mounting’: TRM Labs

Blockchain intelligence platform TRM Labs recently released a report that presents several case studies highlighting the use of cryptocurrency by ISIS affiliates across Asia. The report links on-chain connections between these groups and pro-ISIS fundraising campaigns in Syria. Published on July 21, the report indicated that there was “mounting on-chain evidence” from the past twelve months that pro-ISIS networks in Tajikistan, Indonesia and Afghanistan have utilized cryptocurrency to help facilitate operations. According to the report, the majority of transactions linked with the cases involved the use of Tether (USDT) on…

The Dark Side Of Blockchain: ISIS And Supporters Use Crypto For Fundraising?

Over the past few years, there have been rising concerns about the use of cryptocurrencies for illegal activities. Although the majority of these are overestimated, there is no denying that there are some bad actors trying to take advantage of the technology’s decentralized nature. TRM Labs, a blockchain intelligence firm, recently published a report on the increasing use of crypto assets by terror organizations. ISIS Allies Used Crypto To Raise Funds: TRM Labs TRM Labs has unveiled its findings regarding cryptocurrency fundraising by ISIS and its supporters across Asia. In…

ISIS Allies Used Crypto to Raise Millions: TRM Labs

Crypto has been utilized by terrorists and insurgent groups around the world over the past few years. In 2021, global crypto exchange Binance reportedly froze the accounts controlled by the militant wing of Hamas, which accumulated around $80,000 in a single month, CryptoX reported. Apparently, the traceability of bitcoin led to Hamas abandoning it as a fundraising method in 2023 “for the safety of its donors,” the groups announced in April. Source AlliesCryptoISISLabsMillionsRaiseTRM CryptoX Portal

No Evidence ISIS Is Storing $300 Million in Bitcoin, Says Chainalysis

Blockchain intelligence firm Chainalysis has dismissed claims ISIS is holding a $300 million bitcoin (BTC) war chest. In a “fact-checking” report, published on May 20, 2020, the U.S. company accused the media of sensationalizing allegations about BTC and other cryptocurrencies being used to fund terror groups. Most terrorism financing campaigns have raised less than $10,000 via crypto, indicating limited adoption, said the report. A few days ago, the director of the Counter Extremism Project claimed that ISIS had up to $300 million stored in bitcoin. Funds of equal value have…

US Woman Funding ISIS With Bitcoin Gets 13-Year Jail Sentence

A United States federal court has sentenced a U.S. citizen to 13 years in jail for laundering money for ISIS using Bitcoin and other cryptocurrencies. Per a Department of Justice announcement on March 13, Zoobia Shahnaz of Long Island received a 13-year sentence for working to fund the Islamic State of Iraq and al-Sham through cryptocurrency payments amounting to over $150,000. She also worked to move to Syria to become a member of ISIS. Fraudulent loans for financing To raise the funds, Shahnaz allegedly defrauded major banks including American Express,…

ISIS Turns to Blockchain-Based Messaging App Following Telegram Ban

Terrorist organization ISIS has turned to blockchain technology to anonymously spread videos and propaganda to thousands of people worldwide. A Vice report on Dec. 13th noted that experts who track ISIS’s activities online have found that supporters of the terror group are currently experimenting with blockchain-based messaging app, BCM. On the subject, a BCM spokesperson told Cointelegraph: “Our goal is to provide the most secure channel of communication and to safeguard the freedom of digital communication of our users, as we firmly believe that it is the cornerstone of any…