We have seen how terrorists too are getting involved in cryptocurrencies to further their agendas worldwide. Some months ago Philippines based PIPVTR ( Philippine Institute for Peace, Violence and Terrorism Research) reported about IS (Islamic State) linked local terror groups having conducted first transactions in cryptocurrencies, but in a recent development, Bitcoin with various other cryptocurrencies worth about $2 Million USD, were seized by the Law Enforcement agencies of the United States Government as per court directives this Thursday it is being said.
The accounts that were seized either received funds or sent the same for financing schemes of 3 foreign based terrorist organizations such as ISIS, Al-Qaida & Al-Qassam Brigades (Hamas related). These alleged schemes were funding terrorism with the mask that cryptocurrencies provided & to destabilize elected governments.
About 300 crypto wallets being held by financial institutions were seized while some others having privately held accounts of millions of dollars worth of cryptocurrencies were blacklisted.
This was a major seizure of cryptocurrencies as a part of anti-terrorism investigation process conducted by the United States Government.
John Demers, the assistant attorney general for the Justice Department’s National Security Division said, “Today’s actions deprive Hamas, Al Qaeda and ISIS of millions of dollars they solicited to buy weapons and train terrorists. By raising cryptocurrency on social media, these terrorists tried to bring terrorist financing into the current age, but these actions show that law enforcement remains a step ahead.”
Sending a strong message the enforcement agencies also revealed of having developed some tools and techniques to identify criminal activities while examining suspicious blockchain transactions thoroughly.
With all the technologies and techniques we must realize that to counter terrorism it is very much essential for all the anti-terrorism agencies worldwide to squeeze out the financial network of terrorists. For this to happen they'll need to co-ordinate with each other worldwide.
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