Crypto Funding of Terrorism Has Quadrupled in Recent Years, Claims UN
Growing evidence suggests that terrorism is being increasing funded using crypto.The senior legal officer at the U.N.’s Counter-Terrorism Committee Executive Directorate estimates that 20% of terrorist attacks have been crypto-financed. She reported these numbers seemed to have increased as scrutiny of the illicit use of cryptocurrencies has intensified.
Criminal activities associated with cryptocurrencies rose to a record high last year, according to the most recent report from Chainalysis. The figure has nearly doubled, from $7.8 billion in 2021, with illicitly-associated addresses receiving $14 billion in 2021. However, Martynova pointed out that cash payments still facilitate the vast majority of terrorism around the world. She also highlighted the use of an informal value transfer system known as hawala. The practice, which involves the use of brokers, adheres to Islamic principles.
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