Terrorists Are Exploring Bitcoin As A Funding Method

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Posted 2 years ago

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50,000 Bitcoins Up For Auction By The United States GovernmentAs technology advances and makes itself more pliable for everyday people, there is a greater risk that it also becomes that way for those with bad intentions.

And it looks to be that way with terrorists and their newfound love of bitcoins.

In a recent report, the United States Treasury Department has determined that terror groups may be looking to digital currency like Bitcoin to fund their activities.

The report went on to say: “Terrorist groups may use these new payment systems to transfer funds collected in the United States to terrorist groups and their supporters.”

This news comes as terror groups and their supporters find it tougher to acquire and transfer funds through banks as global financial bodies and governments in collaboration with the United States have made it tougher since the attacks on September 11th, 2001.

Bitcoins were mentioned as a possible source of funds in a blog post linked to the jihadist Islamic State group.

Another source of concern cited in the National Terrorist Financing Risk Assessment was the existence of people using social media and charitable funding methods online to fund these groups: “A number of online fundraisers explicitly advertise that collected funds are being used to purchase weapons and other equipment for extremist groups and post videos and photos verifying the receipt of donations by fighters.”

Christopher A. Smith

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