Police Arrested Terror Financing Ring Using a Cryptocurrency

Police Arrested Terror Financing Ring Using a Cryptocurrency

Let us check the news. Reportedly, the terror financing bought cryptocurrency coupons in licensed tobacco shops across France.

After a French police sting operation, many accomplices allegedly financing a jihadist network in Syria have been arrested. It was despite choosing cryptocurrency coupons to cover their tracks.

Police said that constant surveillance of those networks prompted terrorist organizations to find more opacity by using cryptocurrencies such as Bitcoin. That is the report on Sept. 30.

The twenty-nine accomplices have allegedly been supporting the operations of a ‘Hayat Tahrir Al-Sham,’ an Al-Qaeda affiliate terror organization, since 2019.

Reportedly, two French jihadists in their mid-20s are the network’s architects. Most probably, both are in northeastern Syria at present. In 2016, in absentia, Judge sentenced both to ten years in prison.

After purchasing cryptocurrency coupons worth between ten and 150 euros each ($12-$176) on multiple occasions in recent months from tobacco outlets across France, police busted the 29 members of the network.

Cryptocurrency

Known in French as tabacs, those outlets, integrated last year into crypto coupon services. It was to encourage the adoption of cryptocurrencies by the French public.

Today there was a report from the financing of Hayat Tahrir Al-Sham. So, it noted that there are currently around twenty-four thousand official tabacs around the country.

Allegedly, alongside the coupons, the defendants credit their Syrian accomplices’ BTC (Bitcoin) accounts. Those tabacs support a range of small payment services like money coupons and cashcard top-ups. Notably, those services do not require proof-of-identity.

Office of the anti-terror prosecutors claimed that the use of cryptocurrency coupons by the network turns away from the prevalent choice of cash to support nefarious activities.

A range of militant groups, as Cointelegraph previously reported, are defined as terrorist organizations in some countries. They have increasingly turned cryptocurrencies for supporting their fundraising activities.

That is the current news of the crypto. We can see that some people use Bitcoins for harmful purposes.

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