Last week, the U.S. Department of Justice seized nearly two million dollars
worth of cryptocurrency assets from three U.S.-designated Foreign Terroris


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Tech & Terrorism: U.S. Seizes Cryptocurrency Assets Of Terror Groups

(New York, N.Y.) – Last week, the U.S. Department of Justice seized
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nearly two million dollars worth of cryptocurrency assets from three
U.S.-designated Foreign Terrorist Organizations—al-Qaeda, ISIS, and Hamas. The
operation, which represents the largest seizure of terrorist groups’
cryptocurrency accounts, comes as federal law enforcement agencies are
increasingly pursuing new pathways to stem the flow of terrorist financing and
money laundering. The seized assets alsoincluded
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numerous websites and Facebook pages, along with 300 cryptocurrency accounts
affiliated with the terror organizations.

 

In April, the Counter Extremism Project (CEP) and Berlin Risk published the
joint study
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,Cryptocurrencies as Threats to Public Security and Counter Terrorism: Risk
Analysis and Regulatory Challenges, which highlighted the dangers and risks
associated with terrorist groups utilizing cryptocurrency to finance extremist
activities.

 

Recent evidence demonstrates that terrorist groups and their supporters have
become increasingly familiar with new technologies, such as cryptocurrency. It
is evident through the latest seizure that the technical capabilities and
capacities of terrorist groups are progressing rapidly.

 

Terrorists and their sympathizers are interested in fundraising in order to
receive donations to support their respective organizations. Funds raised can
then be used to purchase material to support terrorist attacks and to provide
other financial support for attacks. Operational support also includes the use
of funds to support terrorist groups on an ongoing basis, including personnel
costs, and funds for general security and communication. Experience has shown
that the amounts of money in the area of terrorist financing are typically very
small and can easily be disregarded by regulators.

 

To read CEP’s joint study with Berlin Risk, Cryptocurrencies as Threats to
Public Security and Counter Terrorism: Risk Analysis and Regulatory Challenges,
please clickhere
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.

 

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