Cryptocurrencies

The Islamic State probably does not “have” 300 million in Bitcoin (Chainalysis) – Cryptocurrencies

It’s a little bit like these cracker and hackers in Hollywood movies, who quickly type on their keyboard, giving the impression of geniuses making incomprehensible manipulations for the common man. The laymen themselves – and they are billions – have largely subscribed to the thesis of Bitcoin (BTC), the “secret bank” of thugs from all over the world. If only they knew that even Satoshi Nakamoto would find it difficult to move without leaving a trace, his BTC.

The treasure of ISIS

The research cabinet Chainalysis recently posted an article on his blog, refuting theories that ISIS has $ 300 million in Bitcoin.

The statements of Hans-Jakob Schindler, Director of the think tank “ The Counter Extremism Project “, Had led to the publication by the media, of articles with sensational titles.

Schindler had hypothesized that a war treasure worth $ 300 million from ISIS, not found to date, could have been stored in Bitcoins.

He added that this storage method was ideal because governments could neither trace this treasure nor get hold of it.

Veritas your liberabit (not the scoops)

Unlike the media starved by the “scoop of the moment”, who rushed on the subject without having evidence, Chainalysis took the time to reflect on the evidence.

Chainalysis says terrorist financing campaigns typically only raise a limited amount of funds, estimated to be less than $ 10,000.

Furthermore, if a terrorist organization actually had such an amount, the regional volume of trade would have reflected this influx of cash.

The research firm’s article also indicates that cryptocurrencies are not the ideal medium for storing illicit funds, due to the transparency associated with blockchain technology: cash and other forms of traditional transfers are more suitable for such practices.

Chainalysis therefore rejects the thesis that ISIS would have used CoinPayments to finance the attacks from 2019 to Sri Lanka.

The research firm recognizes, however, that the financing of terrorism by cryptocurrencies, is an emerging activity with real possibilities for development.

Yeah, you know I have Bitcoins: the phrase from the new bitcoiner – who doesn’t understand much about the real philosophy of BTC and cryptos in general – who wants to show off to the impressed laymen. We still have to find a way to ban entry to the cryptosphere to ISIS and others, without distorting the financial freedom made possible by cryptos.

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