A report released by Europol has revealed that Bitcoin, or any other virtual assets, have not been used in any of the recent terrorist assaults in Europe. The report paints a flawless picture of the impact of virtual assets to internet crime.
The report, which is contained in a 72-page study, meticulously deliberates on the diverse modules of funding virtual crime. This ranges from ransomware attacks to juvenile pornography. The report talks about Bitcoin on the eighteenth page where it discusses it’s supposed and established use in many illegitimate activities that take place online, which also include terrorism.
Conventional Banking Funds Terror Activities, Not Cryptos
Previously, a couple of empathizing terror gangs requested for donations in the form of Bitcoin. Some of the terror groups include Isdarat, Akhbar al-Muslimin, and the Dawaalhaq Islamic News Agency. In essence, they lobbied for digital funds to fund their virtual substructure as well as to buy hosting servers.
In the course of their appeal, one virtual asset-funded, English-language social media campaign called Sadaqah has been known to be aiming at reaching out to Muslims in the west. The social media campaign is meant to enlist them as fighters for the war that is currently going on in Syria.
No Terror Attacks Funded Through Cryptos
In spite of the potential, not any of the attacks which happened on European spoil seem to have been financed through virtual assets. The use of virtual assets by terror groups has only engaged low-level transactions. In many ways, the key means of financing terror is still from conventional banking as well as financial remittance services.
The conclusion indicates that Jihadists networks could be basically experimenting with virtual assets. This in essence goes against the popular belief that put forward that the claim that virtual assets have been used as the mainstream way through which terror activities are financed.
Over and above, up until now, there is no direct confirmation that connects the two. Additionally, it is improbable that terror groups will prefer a virtual asset that is more transparent and barely unidentified than their consistent cash transactions.