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Biden

Reports claiming that cryptocurrencies are being used in the financing of terrorism have increased rapidly after the Israel-Hamas war. The reports and data that have emerged indicate that Hamas has obtained millions of dollars through cryptocurrencies. However, the blockchain research and analysis company Chainalysis stated that the numbers in the reports and data regarding the use of cryptocurrencies by organizations like Hamas could be exaggerated and incorrect. 
<h2 style="text-align: justify" id="the-use-of-cryptocurrencies-in-financing-terrorism-is-not-as-high-as-claimed">The Use of Cryptocurrencies in Financing Terrorism is Not as High as Claimed</h2> 
After the Israel-Hamas war, the blockchain research and analysis company Chainalysis stated that it received numerous questions about how terrorist groups use cryptocurrencies. Chainalysis pointed out that some reports and data regarding the use of cryptocurrencies may contain exaggerated and faulty analysis. 
<img decoding="async" class="aligncenter size-full wp-image-268060" src="https://coin-turk.com/wp-content/uploads/2023/10/Israil-Hamas-Terorizm-Kripto-Para.jpeg" alt="" width="1280" height="720"> 
In the blog post published by the company, it stated, “Although the financing of terrorism constitutes a small portion of the illegal cryptocurrency transaction volume, some terrorist organizations raise, store, and transfer funds through cryptocurrencies. Historically, terrorist organizations have used traditional fiat-based methods such as financial institutions, hawalas, and front companies as their primary means of financing, and they will likely continue to do so.” 
Following Hamas’ attack on Israel, various media organizations attempted to estimate the level of illegal cryptocurrencies used in the attack. Democratic US Senator Elizabeth Warren announced that she sent a letter to the Biden administration, referring to The Wall Street Journal’s report on Hamas using cryptocurrencies for funding, along with more than a hundred congressmen, on October 18. 
In an article published in The Wall Street Journal, Warren, along with Republican Senator Roger Marshall from Kansas, said, “Terrorists, rogue nations, drug traffickers, and other criminals are using cryptocurrencies to endanger our allies and US national security.” 
<h2 style="text-align: justify" id="analysis-of-the-volume-and-flow-of-funds-for-financing-terrorism">Analysis of the Volume and Flow of Funds for Financing Terrorism</h2> 
Chainalysis argues that analyzing the volume and flow of funds related to terrorism constitutes two main components. This requires measuring the funds held directly by a terrorist organization and identifying the service providers that facilitate the movement of funds associated with financing terrorism. 
The blockchain research and analysis company saw recent estimates that seem to include all fund flows to specific service providers associated with the financing of terrorism regarding the attacks on Israel. In other words, these sums clearly include funds unrelated to the financing of terrorism. 
<blockquote> 
 To an untrained eye, $82 million worth of cryptocurrency could appear to be collected for financing terrorism. However, it is much more likely that only a small portion of these funds is related to terrorist activities, and the majority of funds transacted through suspicious service providers are irrelevant. 
</blockquote> 
Chainalysis estimates that approximately $450,000 of the emphasized $82 million was transferred to a wallet address associated with terrorism but cautions against assuming that all transactions are related to terrorism. 
While Chainalysis is skeptical of the estimates used by some media organizations, it also emphasizes the role of service providers. In the blog post, it stated, “These service providers act as facilitators, supporting terrorism, and cutting off terrorist groups’ access to them through sanctions or other aggressive operations is a crucial component of preventing the financing of terrorism.” Continue Reading: <a href="https://en.coin-turk.com/the-use-of-cryptocurrencies-in-financing-terrorism-is-not-as-high-as-claimed/" data-wpel-link="internal">https://en.coin-turk.com/the-use-of-cryptocurrencies-in-financing-terrorism-is-not-as-high-as-claimed/</a>

The Use of Cryptocurrencies in Financing Terrorism Is Not as High as Claimed

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