The director of Russia's federal security service, the FSB, has warned that terror groups are increasingly being financed through cryptocurrencies, Russian news site RBK reported on May 21.
FSB head Alexander Bortnikov said global terrorist organizations have been mastering the use of virtual currencies for some time, along with encrypted communication tools that enable them to evade security services.
"Electronic payment systems and cryptocurrencies are increasingly being used by terrorists to move money received from some states and organizations that support the global terrorist network."
According to Bortnikov, terror groups are also raising funds through the slave trade and by illegally selling oil.
In late April, the co-founder of Chainalysis warned that the crypto industry was beginning to see the beginnings of terrorism financing.
Jonathan Levin added that bitcoin was "By far the favorite" for hackers and criminals, as it was used in at least 95% of the incidents investigated by law enforcement.
Recent years have also seen crypto used to evade economic sanctions.
In March, a U.N. Security Council report revealed that North Korea has managed to amass $670 million in fiat and cryptocurrencies through hacking attacks.
Terror Groups Are Increasingly Using Cryptocurrencies, Senior Russian Official Warns
Published on May 21, 2019
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.