How do terrorist attacks affect cryptocurrencies

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In particular, the use of cryptocurrencies by terrorists has been a key concern for regulators and politicians worldwide when considering their regulatory regimes. Alike as they seek to tighten their oversight of cryptocurrencies, the vast majority of which are not issued by or controlled by a government. Many terrorist organizations started already quite some time ago to adopt cryptocurrency solutions. In one instance, terrorists collected crypto donations worth tens of thousands of dollars in just one campaign, which is a much quicker way to raise funds than prior efforts.

In another instance, and not too long ago, the United States accused two Iranians of using Bitcoin in a digital extortion campaign. According to the Middle East Media Research Institute, a research and analysis organization, there is a significant uptick in jihadi organizations soliciting donations in cryptocurrency through social media, particularly on the messaging app Telegram.

In , the AQB, the military wing of Hamas and a designated terrorist organization, collected money through a website that generated a new Bitcoin address for every donor to send funds to, the first verified example of such technology deployed by a terrorist organization. A previous effort that started in used a single Bitcoin address for donations. The AQB campaign also published a video on its website, teaching people how to donate anonymously; in the past, terrorism contributors have had to figure that out on their own.

The result was that this campaign raised as much money in nine months and attracted more donors than a campaign by another organization that ran for two years. Fighters around the region use cryptocurrency to fund attacks, purchase weapons, obtain equipment and support their families. Elliptic, a company that develops tools to track how cryptocurrencies are used in criminal activity, has found that Hamas, the Palestinian fundamentalist militant organization, has deployed a method to make some of their donations nearly untraceable by providing each visitor a different Bitcoin address to send payments to.

Some experts say that the current concerns about cryptocurrency as a significant enabler of terrorist groups are almost certainly overblown. According to these experts, there is little indication that terrorist organizations are using cryptocurrency extensively or systematically. However, lone-wolf actors and loosely associated groups are likely to attempt or are already attempting to use these systems.

Starting a terrorist attack can cost as little as a few thousand dollars. With cryptocurrencies, that money can be raised almost instantly by scamming users, attacking businesses, or manipulating financial markets. Widespread adoption of second-generation cryptocurrencies with advanced privacy features will enable more illicit use of these systems. Regulatory oversight in the United States, Europe, and China makes it difficult to obtain bitcoin anonymously on an exchange. However, if trading occurs on a decentralized exchange or in a country without regulatory oversight, the transactions could become much harder to trace.

Increased use of cryptocurrencies in complementary and adjacent markets could indicate increased viability among terrorist organizations. Some counterfeiting operations have begun to use darknet markets, and there is a significant trade in illicit drugs and stolen identities in these markets. Factors that will decrease cryptocurrency viability for terrorist organizations Uncertainty and infighting have plagued many cryptocurrencies as they grow. This could decrease wider adoption, making cryptocurrency less viable for terrorist groups.

Law enforcement cooperation in cybersecurity domains and cryptocurrency markets will be a critical enabler for deanonymization and tracking of funds. If the cryptocurrency systems that are most widely used are incorporated into the regulatory system and those that are incompatible are abandoned or remain marginal because of lack of support, then terrorist groups and other illicit actors may find that the digital world is less, not more, hospitable.

A series of fraudulent exchanges and theft of improperly secured monies have plagued cryptocurrency since it became valuable. If similar issues continue to be discovered and exploited, trust in cryptocurrency systems will remain low.

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Some experts say that the current concerns about cryptocurrency as a significant enabler of terrorist groups are almost certainly overblown. According to these experts, there is little indication that terrorist organizations are using cryptocurrency extensively or systematically. However, lone-wolf actors and loosely associated groups are likely to attempt or are already attempting to use these systems.

Starting a terrorist attack can cost as little as a few thousand dollars. With cryptocurrencies, that money can be raised almost instantly by scamming users, attacking businesses, or manipulating financial markets. The potential earnings can be far greater for a state-sponsored hacker with nearly unlimited resources.

In addition, even the terrorism experts that say cryptocurrencies do not play a major role in terrorist financing acknowledge that neither the technology nor the groups are static, which might change the dynamics in the future.

It could also make successful use of these technologies easier or harder. Regardless, the coming improvements in cryptocurrency technologies will likely have a significant long-term effect on terrorist financing. It does not necessarily require intentional use by terrorist organizations but can be a byproduct of banks changing their practices.

For example, the U. Treasury has access to unique financial data about funds flows within the international financial and commercial system, which is invaluable for tracking illicit flows of money. These sources are potentially imperiled by the trend toward debunking finance via cryptocurrencies because adopting cryptocurrencies might enable secure international fund transfers without needing the current centralized system. Perhaps, this can be achieved by using cryptocurrency systems such as Ripple, which exists outside the traditional financial system.

Final Thoughts Current cryptocurrencies are not well matched with the totality of characteristics that terrorist groups would require and desire, but they may be used for specific financial activities. If a single cryptocurrency emerges that provides widespread adoption, improved anonymity, and improved security while being subject to lax or inconsistent regulation, the potential utility of this cryptocurrency, as well as its use by terrorist organizations, would increase.

Cryptocurrency regulation and oversight, as well as international cooperation between law enforcement and the intelligence community, would be critical steps in preventing terrorist organizations from using cryptocurrencies to fund their operations.

Current cryptocurrencies are not well matched with the totality of features that would be needed and desirable to terrorist groups but might be employed for selected financial activities. The authors' research shows that, should a single cryptocurrency emerge that provides widespread adoption, better anonymity, improved security, and that is subject to lax or inconsistent regulation, then the potential utility of this cryptocurrency, as well as the potential for its use by terrorist organizations, would increase.

Regulation and oversight of cryptocurrencies, along with international cooperation between law enforcement and the intelligence community, would be important steps to prevent terrorist organizations from using cryptocurrencies to support their activities. Key Findings Factors that will increase cryptocurrency viability for terrorist organizations A growing market presumably will require increased reliability and more-widespread usage. As use becomes more common across the world, the current lack of acceptance of these systems — especially in areas where terrorist organizations operate — could disappear.

Widespread adoption of second-generation cryptocurrencies with advanced privacy features will enable more illicit use of these systems. Regulatory oversight in the United States, Europe, and China makes it difficult to obtain bitcoin anonymously on an exchange. However, if trading occurs on a decentralized exchange or in a country without regulatory oversight, the transactions could become much harder to trace.

Increased use of cryptocurrencies in complementary and adjacent markets could indicate increased viability among terrorist organizations. Some counterfeiting operations have begun to use darknet markets, and there is a significant trade in illicit drugs and stolen identities in these markets. Factors that will decrease cryptocurrency viability for terrorist organizations Uncertainty and infighting have plagued many cryptocurrencies as they grow.