Europol Report Shows Terrorists Are Not Using Bitcoin

A recent publication by the International Business Times finally sheds some light on how terrorist organization ISIS has never used Bitcoin in the past. While many people strongly feel the popular digital currency offers perfect anonymity, it is one of the most transparent payment solutions in the world today. Moving Bitcoin funds around the world on an anonymous level is not possible for long, and terrorists prefer other payment options, such as cash and bank transfers.

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Daesh Terrorists Prefer Dark Web And Social Media

TheMerkle_Terrorists Do Not Use Bitcoin

It is no secret that terrorist organizations, such as ISIS, manage to secure funding for less than legitimate business agreements. According to a recent Europol investigation, none of that funds seems to originate from Bitcoin transactions. Unlike traditional finance, Bitcoin transactions can easily be tracked on a public ledger in real-time, which offers no advantages to terrorists whatsoever.

That being said, these groups seem to prefer lurking on the Dark Web, which is a well-known haven for criminal activity all over the world. Funding ISIS would not be something frowned upon all that much on the Dark Web, as there far worse illegal business deals taking place in these underground forums and marketplaces.

Whether or not any of the thousands of altcoins in existence is used to fund ISIS terrorist groups, is a different matter altogether. The Europol report only mentioned Bitcoin by name and disclosed how there was no confirmation by law enforcement of how the popular digital currency would be used for financial activities in this regard.

In fact, the Europol report states how the funding of terrorist organizations has not changed all that much throughout the years. While most of the funding sources remain unknown at this time, cash transactions, bank transfers, and remittance payments are all very likely candidates. Seeing a show cash is the most anonymous form of money ever created,  the real problems lie with fiat currency, rather than Bitcoin and digital currencies.

Furthermore, ISIS terrorists are quite keen on using social media. The report specifically mentioned Facebook, Twitter, and WhatsApp as some of the most commonly used platforms. All of these platforms allow for global communication and acquisition of goods and services. Especially the level of encryption associated with communication through platforms such as WhatsApp, Skype, and Viber, are of particular concern.

Last but not least, there is the usage of Tor to access dark web websites and marketplaces. By employing these tools, authorities are faced with the very difficult task of preventing these funding operations. Terrorist groups are evolving into creates with plenty of technical knowledge, and they will wield all of the tools at their disposal to communicate and fund their operations. Except for Bitcoin, that is.

Source: IB Times

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One Response

  1. Expanse <3 April 2, 2016

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