ISIS Gathered Funds In Bitcoin To Fund Sri Lanka’s Tragic Easter Bombings

ISIS Gathered Funds In Bitcoin To Fund Sri Lanka’s Easter Bombings

According to some reports, Bitcoin was used to back the suicide bombing in Sri Lanka that killed 253 individuals. The information was released by the Israeli blockchain intelligence firm Whitestream. Apparently, ISIS individuals used the firm CoinPayments in order to exchange the BTC for fiat currencies.

ISIS Used Bitcoin For Sri Lanka’s Bombings

As per Whitestream, large transactions were processed from ISIS wallets that were used to raise contributions in Bitcoin to CoinPayments to be able to extract cash from these wallets. The firm informed that the balances of the wallets that the exchange had moved from $500,000 to $4.5 million just a day before the Easter attacks. Meanwhile, the funds on these wallets fell immediately after the attacks.

Nonetheless, the firm informed that they had processed large transactions but they deny having any link with terrorist groups such as ISIS:

“CoinPayments admits that their wallet was involved but denied that it is connected to ISIS. It is possible that the company is not aware of the usage of their wallets, perhaps because ISIS uses straw companies to transfer money,”

Whitestream explained Globes.

The blockchain analysis firm explained that they have been monitoring ISIS-linked Bitcoin wallets in the last few years. Specifically, they have paid close attention to a specific wallet that was receiving donations actively in different periods of time. The transactions went directly to CoinPayments from two wallets from ISIS.

This is not the first time that Whitestream is able to find a connection between Bitcoin and terrorist groups. A few months ago, Whitestream explained that Hamas received funds from different individuals. These funds were then sent to Binance and converted into cash through Bitfinex.

Although Bitcoin and virtual currencies can be used to back illegal activities, they allow individuals to avoid hyperinflation and process cross-border transactions when it is not possible to use traditional systems. Bitcoin and digital currencies make payments more efficient and transactions faster and cheaper for users.

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