Evidence of crypto usage by ISIS is mounting — TRM Labs

Blockchain intelligence platform TRM Labs recently released a report highlighting the intensifying use of cryptocurrency by the Islamic State of Iraq and Syria (ISIS) affiliates throughout Asia. It linked significant on-chain connections between these groups and pro-ISIS fundraising projects in Syria.Published on July 21, the report indicated that there is “mounting on-chain evidence” from the past twelve months that pro-ISIS networks in Tajikistan, Indonesia and Afghanistan have utilized cryptocurrency to help facilitate operations. According to TRM, a majority of deals related to the cases included making use of Tether (USDT) on the Tron network.Extract from the TRM report. Source: TRM LabsOn July 21, Cointelegraph covered a discussion by Tara Annison, Elliptics previous head of technical crypto advisory, where she also emphasized that Tron and Tether were popular assets for illicit use. She kept in mind criminals were shifting away from Bitcoin (BTC) in favor of stablecoins. Annison discussed that decentralized exchanges (DEXs) have deep liquidity and “truly great volume,” making it “very easy” to wash funds.A considerable number of individuals using Indonesian-based exchanges to send out funds to addresses related to pro-ISIS fundraising campaigns in Syria were likewise highlighted in the report. It mentioned:” Over USD 517,000 was sent in 2022 by people utilizing an Indonesia-based exchange to addresses recognized by TRM Labs as belonging to pro-ISIS fundraising projects in Syria and the regional exchanges that facilitate their activities.” TRM discussed that the fundraising campaigns declared the funds were being used to support and “help free ISIS households held in Syrian camps.” All transfers were made using USDT on the Tron network in increments of $10,000, TRM wrote. The report keeps in mind an instance in Tajikistan where crypto was utilized to recruit fighters for ISISs affiliate in Afghanistan. Among the fundraising campaigns, which was operational for more than a year, was connected to an address that received approximately $2 million in USDT on Tron in 2022. Through blockchain tracing, TRM Labs identified the circulation of funds and alerted the exchange used by the group for cashing out their funds. The exchange then informed regional authorities, leading to Turkish authorities detaining a senior ISIS fundraiser, Shamil Hukumatov, on June 22. Related: Debunking the myth: Cryptocurrency is used for criminal activityIt was even more reported that a media unit connected to ISISs affiliate in Pakistan began promoting its ability to accept donations in the 2nd half of 2022. TRM Labs identified that the addresses managed by the group had an overall volume of approximately $40,000 over the last twelve months.This comes after TRM Labs exposed in a June 28 report that illicit finance volume involving Bitcoin had actually fallen considerably over the past 7 years. It noted that while Bitcoin was when the “special currency” for terrorist financing, by 2022, Tron was utilized for 92% of terrorist financing.Magazine: US enforcement agencies are showing up the heat on crypto-related criminal activity

Blockchain intelligence platform TRM Labs just recently released a report highlighting the intensifying use of cryptocurrency by the Islamic State of Iraq and Syria (ISIS) affiliates across Asia. According to TRM, a bulk of deals linked with the cases included the use of Tether (USDT) on the Tron network.Extract from the TRM report. It mentioned:” Over USD 517,000 was sent out in 2022 by people utilizing an Indonesia-based exchange to addresses recognized by TRM Labs as belonging to pro-ISIS fundraising campaigns in Syria and the local exchanges that facilitate their activities.