Blockchain security firm TRM Labs said the ISIS group has raised more than $2 million in cryptocurrencies. Most of these transactions are carried out on a popular altcoin.
Terrorist financing uses this altcoin network
Blockchain intelligence firm TRM Labs noted in its new report that the terrorist group ISIS is increasingly using cryptocurrency for its fundraising activities. According to the report, on-chain findings show that pro-ISIS networks in Tajikistan, Pakistan, Afghanistan and Indonesia are using crypto for their activities. Most of these transactions are handled in Tether USDT on the Tron network.
The findings confirm that criminals are increasingly choosing stablecoins like USDT for their illicit transactions. Pro-ISIS groups are using cryptos to recruit fighters to join an ISIS affiliate (ISKP) in Afghanistan. One such group in Tajikistan received over 2 million USDT in 2022.
TRM Labs announced that it has alerted authorities to identify the person behind the account. This disclosure led to the Turkish authorities’ arrest of Shamil Hukumatov on 22 June. Hukumatov is a senior fundraiser for ISIS. He allegedly was the person behind the fundraiser.
Other pro-ISIS groups in Indonesia, Afghanistan, and Pakistan are also raising funds with cryptocurrencies. These organizations received a total of $567,000 in crypto donations in 2022.
Chainalysis says cryptocurrencies are not complicit
Earlier this month, Chainalysis reported that cryptocurrency is not crime-friendly and its use by criminals has fallen by 65% this year. The firm focused on illegal activities involving ransomware attackers and dark webs. He also reported that the revenue of crypto scammers has fallen by 77% this year.
However, the overall decline in crypto crime has not convinced regulators that it favors criminals. It has banned cryptocurrencies in Kuwait, citing their possible use for money laundering and terrorist financing. Even countries that do not ban it, such as Belarus and Australia, are taking measures to limit their use for illegal purposes. In particular, Belarus aims to ban P2P crypto transactions to combat cybercrime. Australia, on the other hand, limits banks payments to “high-risk” exchanges
In addition, Chainalysis has detected an alarming increase in the transition of illegal funds to impersonation scams. Criminals extort money, especially by posing as famous or wealthy people. Total revenue has dropped 23% this year, while money flowing to scammers has increased 49% year over year.
Ransomware purchases also rose to $449.1 million year-to-date, offsetting the overall decline in crime. If ransomware crime continues to rise, the total amount stolen will reach $939 million by the end of 2023. cryptocoin.com We have included a new Beosin report on hacking attempts in the first half of 2023 in this article.
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