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US ‘foils’ militant cryptocurrency fundraising

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An IS militant waves a flag in Raqqa, Syria, in 2014Graphic copyright
Reuters

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In spite of its territorial losses, IS utilized cryptocurrencies to raise funds

The US federal government claims it has thwarted attempts by militant groups to increase money applying digital forex, or cryptocurrency.

The strategies associated Hamas’ military services wing, the al-Qassam brigades, al-Qaeda and the Islamic Point out team (IS).

US officers explained about $2m (£1.5m) in cryptocurrency experienced been recovered.

Hundreds of cryptocurrency accounts, four web sites and four Fb accounts were being also seized, the justice section announced in a statement.

“These steps symbolize the government’s premier-ever seizure of cryptocurrency in the terrorism context,” the department said.

How did the groups receive payments?

The al-Qassam Brigades made use of social media and its formal internet websites to solicit bitcoin donations in accordance to the justice division.

It stated authorities brokers seized manage of one web-site to redirect payments absent from the group, which is the armed wing of the Palestinian militant Islamist organisation Hamas. Research warrants have been issued from people today dependent in the US who donated.

Al-Qaeda militants centered in Syria, in the meantime, sought donations to invest in weapons by means of the messaging app Telegram.

The justice division stated IS experienced made use of a site and Facebook webpages to offer pretend Covid-19 particular protective gear to collect funds.

“Nothing at all was concealed,” an unnamed US formal advised Reuters news agency, incorporating that the militant teams “considered they had been guarded” by encryption in the apps they utilized.

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