Blockchain technology and cryptocurrencies have proven to be an important channel of transfer and fundraising for different charitable and honest causes. But its use, in combination with other types of tools, can also favor criminal groups to achieve their illegal and inhumane activities, however fiat currencies still maintain their leadership for this purpose.
According to several reports, the Mujahideen community have taken advantage of the blockchain boom and other online useful tools, in order to acquire weapons, equipment and other supplies to keep fighting against those who do not support Islam.
Via the social media Twitter, a crowdsourcing campaign run in the Dark Web – and dubbed SadaquaCoins – was viralized, showing the data of such in a photo, where several members of the community pose holding a banner inviting to get involved in the jihadist cause around the world.
“Support the Mujahideen on Siria with weapons, financial aid and other projects that helps with the jihad,” reads the banner, translated. “Never will you attain the good (reward) until you spend (in the way of Allah) from that which you love. And whatever you spend — indeed, Allah is knowing of it.”
It seems that the terrorist group has a high level of awareness regarding technological advancements, for they even thought of the way they will be storing the collected crypto assets in order to avoid any kind of online tracking, by purchasing hardware cold wallets (which do not require access to the Internet), laptops and Tor servers, for this is the only way to enter their platform and collaborate with them.
It is also known that SadaquaCoins allows for financing multiple projects, and accept Bitcoin (BTC), Monero (XMR), Dash (DASH) y Verge (XVG), which are known for providing a certain level of anonymity to users, when processing operations.
A recurrent subject
On April this year, 72 countries and 18 international organizations participated in a two-day international conference, carried out on France, against the funding of ISIS and Al Qaeda. The idea was to encourage all States to lend their maximum collaboration in the global fight against terrorism.
Likewise, the European Parliament held a reunion that very same month to address the cryptocurrency regulations issue, as well as how to deal with the anonymity level these grant to users, for it is one of the main appealing features for criminal organizations.
Regardless of how these radical groups are financed, in no case can the source of funds be directly blamed. It is currently estimated that less than 1% of Bitcoin transactions are destined for illicit activities.
Regulating cryptocurrencies with the aim of addressing the condition of anonymity of the same in no case will solve the causes why these types of groups act. As we know, these groups operate long before the birth of cryptocurrencies, financing themselves through both assets and fiduciary currencies.