According to research conducted by blockchain analysis firm Chainalysis, terrorist organizations may not use cryptocurrencies as much as they think.
After Hamas attacked Israel, the use of cryptocurrencies for terrorist financing came to the fore. Dozens of senators in the US, led by Elizabeth Warren, referred to an article published in the Wall Street Journal about Hamas’s use of cryptocurrency and called on Joe Biden to fight it.
Blockchain analysis firm Chainalysis has determined that the amounts mentioned in the news and reports on this subject “Faulty analysis” is based on and does not reflect reality suggests.
According to Chainalysis’ post, “analyzing the volume and flow of funds linked to terrorism has two elements: Determining the amount of funds directly held by terrorist organizations and identifying service providers that enable the transfer of funds linked to terrorist financing.”
According to Chainalysis, the amounts that have been on the agenda recently “the entire flow of funds of service providers to which some funds linked to terrorist financing are transferred” may be taken into account:
“When a novice looks at this, it’s for terrorist financing. $82 million worth of cryptocurrency You may think it’s collected. But these funds a small part “It is far more likely that the majority of funds passing through questionable service providers will be used for terrorist activities and have nothing to do with it.”
The company, which proceeds with an estimated amount of 82 million dollars, “about $450,000” part of “from a wallet linked to terrorism” He thinks that it would have been transferred and adds that “it would be wrong to assume that all transaction activity is linked to terrorism.”
However, these service providers in terrorist financing Chainalysis team stated that they play a role in through sanction He emphasizes that preventing it will be an important step in the fight against terrorist financing.