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The terrorists get away from Crypto, the argument of criminal money is no longer relevant.

The terrorists get away from Crypto, the argument of criminal money is no longer relevant.

Foreign terrorist groups such as Isis and Al-Qaeda have repeatedly tried to raise money to fund their criminal activities using encryption, according to a statement made today at a hearing of the House Financial Services Committee.

The Director of the Center for Sanctions and Illegal Funding Analysis of the Foundation for the Defense of Democracies, Yaya Fanusie, today stated that foreign terrorist organizations (FTOs) failed after having repeatedly tried to fund their criminal activities by cryptocurrencies such as bitcoin and Ethereum.

The expert in illegal financial transactions pointed to an example of a failed online campaign in 2016, in which only two total contributions were made to the Mujahideen Shura Council (MSC) in Iraq. The two transactions amounted to only about $ 500.

Fanusion further explained that "cash is still king" for terrorists, because of how easy it is to hide money and keep funding anonymous. Money laundering is a major concern at cryptocurrencies, especially the privacy currencies that can keep senders and receivers completely anonymous. But terrorists also have to spend money on different goods and supplies, often using Fanusion to make transactions in desolate places with unreliable technological infrastructure. In such cases, advanced technology and cryptocurrencies are an obstacle for terrorists.

The Congress was warned by Fanusion that fundraising campaigns could become a successful means to fund their operations, suggesting all US government agencies. UU. Focusing their research on terrorism financing should better understand the details of cryptocurrency transactions for further analysis.

"By now preparing for terrorists to increase the use of cryptocurrencies, the United States can limit the ability to make digital currency markets a refuge for illegal financing," Fanusion told Congress.

Fanusion also warned Congress about the potential risks associated with money laundering related to the aforementioned privacy currencies, such as Monero, Zcash or Dash, allowing both parties to remain anonymous. He explained that, while larger exchanges such as Coinbase or Gemini have a strict policy against money laundering, other exchanges are much more lax and may pose a significant risk.

While terrorist organizations struggle to collect money via crypto, the villains that often hold such organizations use new technology.

Iran, one of the former US presidents George W. Bush known as the "Axis of Evil", has considered launching its own national cryptocurrency, supported by its fiduciary currency, to circumvent the US-led sections against the country. It has been said that another nation of the "Axis of Evil", North Korea, earns between $ 15 and $ 200 million, and extracts and sells cryptocurrencies such as Bitcoin and Monero, according to former NSA cybersecurity officer Priscilla Moriuchi.

Source: newsbtc.com

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