Monero becomes popular for funding ISIS-affiliated news website
Terrorists are turning to Monero to help fuel their efforts
The jihadist movement is using cryptocurrencies to seek donations to support their mission through a new website associated with the Islamic State of Iraq and Syria, or ISIS. After receiving Bitcoin donations for more than three years, the organization has switched to the Monero digital token. The terrorist organization has an affiliation with a news website, and it updated the page to accept Monero donations on June 21, according to blockchain intelligence company, Whitestream.
Based on the information found on this website, Monero should be a more secure way to receive funds to support the jihadist movement since it cannot be traced. Also, the page explains to users how to buy and then send the Monero tokens, and it even includes a Monero address. Bitcoins donations were received from December 2017 until this past June 21.
According to Whitestream, the organization consolidated all of the donations received into one single Bitcoin address, which now has around 0.295 BTC, worth about $2,700. Besides asking for money, the website posts reported the “successes” of the organization. After it was out of Syria, Iraq and Libya, it has been operating underground in Egypt’s Sinai region and in Northern Nigeria.
Many of the opponents of the cryptocurrency industry claim that digital tokens are used more often to finance terrorism. However, based on the speculation that ISIS war chests were hidden in Bitcoin, the site Chainalysis reported than less than $10,000 was ever raised for terrorism using cryptocurrencies.