Senior Russian Security Director: Global Terrorist Groups Are Increasingly Using Cryptos
Senior Russian Official: Terrorist Groups Are Increasingly Using Cryptos
Ever since cryptocurrencies started to become more mainstream, a lot of people have claimed that they would be used by terrorists, something that is currently not happening a lot, despite the fact that several groups have at least tried to receive crypto investments.
Now, Alexandre Bortnikov, the director of the Russian federal security service (FSB), has affirmed that groups linked to terror activities are starting to be financed via cryptocurrencies, according to the Russian news outlet RBK.
According to Bortnikov, the global terrorist organizations are starting to finally master the usage of the technology and they are becoming better at encrypting their communication tools in order to make the transactions and deals more secure.
He also affirmed that electronic payment systems will be used a lot in the future, so governments and other organizations simply need to define their priorities in order to face the threat or it may cause some damage before they are able to block these entities from using this new source of revenue.
Bortnikov has also affirmed that other ways in which terrorists are getting funds is via the slave trade or even selling illegal goods such as oil.
Terrorism And Crypto
Terrorism and crypto are, unfortunately, starting to get more associated. After the world started to understand what Bitcoin was and how to use it, terrorists knew that it was somewhat harder to track BTC than normal financial transactions. However, some of them ignored that BTC is easily trackable just as other kinds of financial transactions are.
In fact, the most secure way of using money illegally is still using cash. Paper money is not possible to be tracked, so it is the easiest way. However, you have to be present in order to exchange it, so Bitcoin has an advantage because you can send it from anywhere in the world.
According to Chainalysis, Bitcoin is currently the favorite token of terrorists, as 95% of them use it. Other privacy tokens like Monero (XMR) are still not widely used as they are not as popular and easy to use as BTC.