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Funding Terrorism with Cryptocurrencies Is on the Rise: Report

  • Alex Dovbnya
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    The new report exposes the ugly side of cryptocurrencies, which are becoming increasingly popular with Islamic extremists

Funding Terrorism with Cryptocurrencies Is on the Rise: Report
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Contents

The Middle East Media Research Institute (MEMRI) has recently released a 200-page report entitled The Coming Storm: Terrorists Using Cryptocurrency offers an in-depth look at the connection between cryptocurrencies and terrorism. It reveals that jihad organizations are actively promoting the use of the newfangled asset for funding purposes.

Jihadists eyeing cryptocurrencies

al-Qassam Brigades, the armed wing of the Palestinian Hamas movement, is particularly keen on Bitcoin, and it asks for donations on privacy-focused messager Telegram as well as different social media platforms. Earlier this year, Israeli Blockchain research firm Whitestream determined that some of its contributions were made with the help of the Coinbase cryptocurrency exchange.

The study, which was spearheaded by MEMRI Executive Director Steven Stalinsky, it supposed to serve as a wake-up call for politicians around the globe.

This is the beginning of an enormous challenge for counterterrorism officials," he warns.

In the preface, Stalinsky also said mentioned that cryptocurrencies represent the future of terrorism funding, and the potential threat shouldn’t be downplayed.

An ugly side of crypto

It’s a painful thing to know that the advantages of cryptocurrencies are exploited by terrorists for nefarious purposes, but one cannot ignore their dark side.

Treasury Secretary Steven Mnuchin brought the issue to the table, calling for closer monitoring of crypto-related businesses. His comments came shortly after President Donald Trump’s critique of digital assets.

Meanwhile, US lawmaker Brad Sherman, who’s known as the biggest Bitcoin hater within the walls of Congress, recently made an outlandish statement that Facebook’s Libra could do more harm than 9/11.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
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    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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