French police have rounded up 29 individuals who were said to be involved in crypto terrorism by funding extremist groups using digital assets.
In the news that was reported by ABC News, the arrests were made in a bid to destabilize a high connection of crypto terrorism funding. The operation was said to be masterminded by two persons of French origin who are still at large.
Presently, the two French natives are reportedly still staying in the northwestern region of Syria. The 29 suspects that were rounded up are big-game players when it comes to crypto terrorism funding and is part of a big network of terrorism financiers across the globe.
Members of Al Qaida in Syria has benefited from crypto terrorism fundings
Two members of the gang are known for their transport expertise, and they have been using this to keep the crypto terrorism group running since the beginning of 2019.
The terrorist ring was said to have been uncovered by TracFin, a French organization that deals majorly in tracking illegal activities ranging from fraud to terrorism financing and money laundering.
Millions of Euros were said to have been distributed by the members around the globe to make their activities successful. Presently, members of Al Qaida are the primary benefactors in the funding rounds as they are still very active around the region.
TracFin discovered the network in January
In the report that was obtained by ABC News, the members of the crypto terrorism gang in France bought digital assets coupons, and the details were then transferred to their extremist counterparts in Syria.
The prosecutor’s office in France said that a lot of them used to purchase crypto coupons which sells for about $11 to $165. After the purchase, it would then be credited to the account of the jihadis which would later be sold for cash on various exchange platforms.
The investigation was said to have begun in January when TracFin discovered the crypto terrorism funding network.