Chainalysis doubts the terrorists …


Chainalysis on Tracking Bitcoin – Fact Checks FED From Ex Goldman Sachs CEO – Jan 25th 2021

Chainalysis doubts that the terrorists ...

Chainalysis doubts terrorists hid $ 300 million in cryptocurrencies

  • Cryptocurrency is unlikely to be suitable for terrorists to hide their funds, according to Chainalysis.

  • Any IG activity on the bitcoin blockchain network would be immediately noticeable.

  • Cryptocurrency use by criminals exists but is not widespread.

International consortium of news organizations developing transparency standards.

There were reports on the Internet that the IG could hide a large amount of money in cryptocurrencies in order to cover their tracks..

Cryptocurrency analytical company Chainalysis doubts that Islamic State (IS, a terrorist organization banned in Russia) could hide $ 300 million in cryptocurrency.

Earlier, The National, referring to the statement of the head of the monitoring group at the UN Security Council, Hans-Jakob Schindler, reported that the group is concerned about the possibility of IS to hide a military chest with $ 300 million in cryptocurrencies.

Chainalysis doubts that the terrorists ...

Schindler, According To The National, Considers Cryptocurrencies “The Ideal Storage Mechanism”.

“If done right, this [holding $ 300 million] would be inaccessible and invisible to most governments,” Schindler said..

However, in the very report of the monitoring group there is not a word about a military chest that IS could digitize with the help of cryptocurrencies..

Digital transparency

Chainalysis considers Schindler’s statement to be nothing more than speculation in the absence of hard evidence.

The media that picked up Schindler’s theory could not only misinform society, but also damage the reputation of individual cryptocurrency companies and the industry as a whole, according to Chainalysis.

“Schindler’s theory is highly unlikely. We know that most terrorist financing campaigns have raised less than $ 10,000, indicating limited demand. In addition, if IS were to channel oil revenues into bitcoin, the trade volume of regional exchanges and money-serving businesses would reflect that flow of funds, ”Chainalysis said..

The analytical company emphasized that unlike fiat currencies and other traditional forms of transferring funds, cryptocurrencies are inherently transparent..

“Every transaction is recorded in a publicly visible register. With the right tools, we can prevent attackers from using the system to finance terrorism and other crimes, ”noted in Chainalysis.

The stories surrounding the sponsoring of terrorism through cryptocurrencies are often used by regulators to lobby for a ban on the circulation of such assets..

The culprit of all troubles

Often, the authorities refer to statistics from the darknet, where the use of bitcoin is no longer popular, as it used to be, but still occurs.

Chainalysis doubts the terrorists ...

In Russia, State Duma deputies have presented a bill that provides for administrative and criminal liability for violations of the use of digital currency, which includes cryptocurrencies. Fines can reach 2 million rubles, and criminal liability up to imprisonment for up to 7 years.

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Nikolay Gadzhiev, Chairman of the Commission for the Development of Blockchain Technologies and Crypto-Economics of Investment Russia, has already stated that the proposed versions of the draft laws “are aimed at lobbying the interests of Russian banks and completely displacing the presence of international cryptocurrency exchanges.”.

“Tough regulatory measures will lead to the complete withdrawal of IT projects in Russia and exclude Russia for many years as one of the leaders in the development of blockchain technologies,” he added..

What do you think? Are criminals really funding prohibited activities even though blockchain transactions are transparent? Share your thoughts with us in the comments and join the discussion in our Telegram channel.


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