International media outlet Reuters revealed that the armed group of Hamas is employing intricate techniques for fundraising i.e. via digital cash and cryptocurrencies. This step has made it hard for the watchdogs to clamp down terror-sponsoring across the world.
The use of cryptocurrencies in the financing of terror activities has been a matter of much debate. The advocates of crypto claim crypto’s involvement in terror financing are merely glorified, while others rant that the virtual currencies offer a secure route to the extremists for funds raising without the threat of being traced.
The reservations were reintroduced after Izz el-Deen group requested its sponsoring factions to contribute via Bitcoin.
Cryptopolitan also reported a few months ago that the banned group propelled an online drive requesting its sponsors to make contributions via Bitcoin.
Terrorists get creative with crypto financing
Initially, the terrorist outfits requested their patrons to direct Bitcoin to a single wallet address. But, the latest research shows that the terror outfits have now twisted their procedure of fundraising i.e. generating a novel digital wallet address for every operation.
In addition, the research stated that the transformation of the procedure made it challenging for watchdog organizations to keep an eye on the transactions of the group’s crypto-financing.
Recently, the crypto wallets made by the terrorist group’s website received Bitcoin valuing approximately three thousand and three hundred dollars ($3,300).
Similarly, the outfit has successfully risen circa seven thousand and four hundred dollars ($7,400) as a result of its 4-month fundraising drive.
The CEO of a renowned Blockchain analysis firm shared his thoughts saying the employment of BTC is in the trial stage.
The terrorist designs are trying to analyze how much capital they can safely raise by the crypto method.