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No, ISIS does not have $ 300 million Bitcoin as a funding fund

May 21, 2020

Blockchain Forensic Firm Chainalysis has released a report that exposes a number of popular stories about the use of cryptocurrency to finance terrorism.

The report emphasizes the damage caused by incorrect reporting by spreading misinformation and damaging the reputation of companies that use virtual currencies.

As a “trusted research partner for governments around the world, one of our primary goals is to prevent terrorists from using cryptocurrencies,” Chainalysis says.

No, ISIS does not have $ 300 million Bitcoin as a funding fund
No, ISIS does not have $ 300 million Bitcoin as a funding fund

“It is a serious task, and it is important to disclose information in a responsible and sensible manner on an issue that is as important as terrorist financing.”

Chainalysis discredits a $ 300 million ISIS cryptocurrency finance fund

Chainalysis quotes reports from last week that the lost ISIS 300 million financial fund would be Bitcoin (BTC).

Although Hans-Jakob Schindler, director of the project’s group against extremism, was given certainty in traditional media reports, the main source of information only suggested that cryptocurrencies “could have been one of the ways in which [los fondos] They could have been used. “

Chainalysis not only highlighted how Schindler’s claims were discredited, but also said that “Schindler’s theory is highly unlikely.”

We know that most terrorist financing campaigns have raised less than $ 10,000. Indication of limited acceptance. If ISIS had passed the oil revenue on to Bitcoin, the trading volume of the regional exchanges and money service providers would have reflected this cash flow.

The report too notes unsubstantiated claims that ISIS funded its Easter Sunday bombings in Sri Lanka with Bitcoinciting Chainalysis’ Crypto Crime 2020 report, which refutes that cryptocurrencies have been used as a means of financing the attacks.

A separate report from the Philippine Institute for Peace, Violence, and Terrorism Research published today shows that the effects of ISIS in Southeast Asia have used cryptocurrencies for money laundering.

Bitcoin has not been used to raise $ 24 million for the PRC

Earlier this year reports reported that the Popular Resistance Committees (PRC) in Gaza had raised $ 24 million through the local cash services business, Cash4PS.

Chainalysis found significant shortcomings that support the story and claimed that the reports believed that any transfer to the Cash4PS wallets was unrelated to terrorist financing.

In addition, most of the cash that Cash4PS wallets received came from other addresses within the Cash4PS network, and Chainalysis estimated that only $ 1 million was transferred to the network from external sources.