Crypto Terrorism Funding Is Growing More Sophisticated
By Olga Kharif January 17, 2020 Terrorism financing scheme s using cryptocurrencies are growing in sophistication, according to researcher Chainalysis Inc., which helps law enforcement track digital-coin transactions. In one instance, terrorists collected crypto donations worth tens of thousands of dollars in just one campaign last year, a much quicker way to raise funds than prior efforts, the New York-based firm said in a report Friday. It also made it much harder for researchers to track movement of funds than prior, more simple campaigns, Chainalysis said. In 2019, the Izz ad-Din al-Qassam Brigades (AQB), the military wing of Hamas and a designated terrorist organization, collected money through a website that generated a new Bitcoin address for every donor to send funds to, the first verified example of such technology deployed by a terrorist organization, Chainalysis said. A previous effort that started in 2016 used a single Bitcoin address for donations. The A...