International Counterterrorism Agency: Palestinian terrorist organization received 3,370 bitcoins in donations over 5 years
The latest report from the Institute for Counter-Terrorism (ICT) in Israel reveals that Palestinian terrorist organizations have been using Bitcoin donations to sustain their operations, evade economic sanctions imposed by various countries, and provide a certain level of anonymous protection for their sponsors.
Table of Contents
- According to the open-source design of public blockchains, the inherent nature of transparency will record each transaction on the chain and share it with all network participants. Blockchain also provides detailed fundraising channels for law enforcement agencies to track terrorist organizations.
- In the future, terrorist organizations may continue to raise funds through cryptocurrencies and enhance their knowledge to conceal their funding sources and activities in more sophisticated ways.
An ICT report indicated that the organization funded conflicts in the Gaza Strip with Bitcoin. Researchers compared the organization with the Bitcoin wallet address 1LaNXgq2ctDEa4fTha6PTo8sucqzieQctq, noting that the address's activity displayed "irregular growth" with over 4,500 transactions in the past four years.
Between 2015 and July 2019, the address received nearly 3,370 bitcoins (current value close to 29 million pounds) and was linked to the online payment website cash4ps. Researchers found that cash4ps had a bank account in an Islamic country's bank accused by the U.S. in 2010 of having ties to terrorist organizations, including the Palestinian radical group Hamas.
The report noted that this is not the first time Palestinian radical groups have been found using cryptocurrencies. Previously, Israeli blockchain analysis company Whitestream reported in February 2019 that Hamas might be using Coinbase's exchange wallet for fundraising.
Further Reading
- HM Revenue & Customs: Will Invest in Crypto Analysis to Track Illegal Activities
- Don't be a Nuclear Weapons Helper! UN Expert Warns: Do Not Attend North Korea's Blockchain Conference
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