Bitcoin - one of the Terrorists Funding Sources

[kolloh]

https://www.reddit.com/r/btc/comments/3t60z8/isis_bitcoin_wallet_with_3_millions_usd/cx3k9oq

Thanks for this link. I was confused when I saw that news story as it didn't list any real evidence and seemed more like pure speculation.

The media is simply guessing that terrorists may use Bitcoin as far as I can see and I see no substantial evidence suggesting they are actually using it. These types of baseless correlations give Bitcoin a bad name and I think the media tends to associate Bitcoin with black markets. Most of the time I see bitcoin mentioned by the general Media, it has a negative connotation ( though we have seen a few positive ones pop up more recently as well ).

As for the real source of income, I think it is primarily in the oil markets right now.

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[Mickeyb]

any "real proof" ISIS use Bitcoin ?

It is estimated that ISIS own bitcoin wallet worth $3 million. Following the recent attacks on Paris, GhostSec, an Anonymous off-shoot which actively hacks ISIS efforts worldwide, said that ISIS regularly uses cryptocurrencies to fund its operations.

More info: https://www.cryptocoinsnews.com/ghostsec-isis-bitcoin-wallet-worth-3-million/

I'm wondering, what if the Anonymous successfully hack the wallet???
What will ISIS do next if they don't have more funds.

They have much more money than this mate, don't worry! Just in Mosul, they have stolen $430 million from the vault of the Iraqi central bank. Add the business with the oil, selling of all the antiquities, etc. They are loaded.

Actually it would be very handy for them to receive the world wide donations by using Bitcoin. Maybe the above alleged address is being used for that, for the donations, who knows!

[Lokfar]

Seems like a guessing game to me.

I'm pretty sure that bitcoin isn't their highest funds that they have out there

Oil plays a pretty big part in it too. Even though some governments won't admit that they are buying oil from these terrorists, this is their largest income.

[makcik]

Everything has two faces, a good one and a bad one. It depends upon you , which face you would like to see and believe on.
As far as funding of attacks in paris is concerned, I'm damn sure they didn't use bitcoins. If they were as intelligent to use bitcoins, they wouldn't have been criminals, instead they would have been working in a good position.
Now, commonly also, bitcoin is used rarely for illegal purposes also. Though, cases of kidnapping and ransom have increased in past days. Bitcoin is still clean and pure it was and can be accepted worldwide.

[Denker]

And finally something positive regarding to this topic!
Jennifer Shasky Calvery from FinCen said that Bitcoin does not pose higher risks of terrorism financing than other payment methods!

I mean this is the bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

When they say Bitcoin is not much more used than any other type of money, there must be some truth in it right?!

http://www.coinspeaker.com/2015/11/17/isil-may-be-using-bitcoin-says-fincen-director-jennifer-calvery/

[countryfree]

With the recent attack in Paris, many questioned 'again' where the hell those terrorist got their funds. Hidden agenda or secret talks? Some people already know the hidden truth about it* and bitcoin already part of their sources.

Basically, because bitcoin transaction is as light as feather, it's really making hard to be accepted worldwide.

What can you say about this?

Are there miners in the part of Syria controlled by IS? Nobody noticed, but BTC isn't a source of funding. It's a currency, and it doesn't grow on trees. IS has oil which it can sell on the black market to generate an income, but if IS has a way to make an income from BTC, I don't know what it is. I'd like to know so I can do it, too.

it's about transferring funds not about as "income". Bitcoin facilitates this thing.

So the picture above is wrong. BTC isn't comparable at all to black market oil. What it should state is the origin of all those BTC IS is supposedly getting. As it doesn't say anything about it, I guess this is all vaporware. The world has yet to see a single hard fact showing that IS is effectively having an income in BTC.

[jt byte]

That can be said about anything in exchange for weapons and munitions. Come on now. Bitcoin is just stated there as a move to make people see it in a bad light as untrusted and therefore bad publicity.

[aso118]

So the picture above is wrong. BTC isn't comparable at all to black market oil. What it should state is the origin of all those BTC IS is supposedly getting. As it doesn't say anything about it, I guess this is all vaporware. The world has yet to see a single hard fact showing that IS is effectively having an income in BTC.

If there is evidence, you can expect the authorities to act on it. The blockchain might provide them clues about the origins. If they can't locate the source, we can expect some restrictive legislation coming our way soon.

[lumeire]

That can be said about anything in exchange for weapons and munitions. Come on now. Bitcoin is just stated there as a move to make people see it in a bad light as untrusted and therefore bad publicity.

Why'd they emphasize 'black market' oil and not said that the gold is also sold in the black market? Or do they mean the ISIS gold business is all legit.

I assume they're saying 'foreign donations' that goes through bitcoin. They just don't want to say money is still pouring to ISIS from all over the world.

[Arcteryx]

Then what about this 
http://bitcointalk.org/index.php?topic=1254539

$3 million worth of btc found in Isis milita's possession 

[Kakmakr]

The media knows nobody would be sued for defamation of character, if they post lies about Bitcoin on the internet and even if someone does go that route, they would have the backing of billionaire investors. The mainstream media is just a tool for a system that is corrupt to it's core.

They will report whatever they want to. The more controversial it is, the more income they will receive.  ^hmf^

[Arcteryx]

True the more the dramatic the story the more revenue they get from reporting on it first even if it is false news headlined.

[hacksmash]

Then what about this  
http://bitcointalk.org/index.php?topic=1254539

$3 million worth of btc found in Isis milita's possession  

read earlier in this thread:
https://www.reddit.com/r/btc/comments/3t60z8/isis_bitcoin_wallet_with_3_millions_usd/cx3k9oq
Bad journalism.

I think the bigger question is: How does Daesh* convert any BTC they do control into Cash? Surely no 'Arms Dealers' would accept BTC? What Bank/Exchange is doing this for them? THIS is the source that needs to be shut down, as has been mentioned earlier BTC is only the currency, not the source of income.


*I specifically will never use the term IS/ISIL/ISIS when referring to these thugs. These terms only give them legitimacy. They do not want to create a legitimate "State", only a region of 'stone age peasants' they can control. Please consider using Daesh as well.
see: https://www.freewordcentre.com/blog/2015/02/daesh-isis-media-alice-guthrie/

[franky1]

kind of funny

the paris attackers lived in brussels, and sold their bar(pub) to buy the weapons and rent a car...
so no bitcoin use there...

the british attack on 7/7 2005 and american attack in 9/11 2001 was before bitcoin was even invented.

so will people please use logic and common sense, then read beyond the headline and research facts..

[RobbieRoor]

Doesn't any type of currency fund terrorism? American dollars, Euros, Yen what have you. All type's of currency can fund them in one way or another. Why is it a surprise to the governments of the world that BTC is "allegedly" one of them? If the media and other's are rallying too "ban" BTC should we in turn ban every other type of currency?? Had to sign-up to give my 0.2

[Small]

It's just bullshit. Nearly all exchanges have AML policies which would prevent such things and the best way is to use localbitcoins but the volume is very small there. It's nearly impossible to fund terrorism massively due to the limited market cap.

Till the adoption rate increases massively, there isn't a risk for Bitcoin to be used as a funding method for terrorism.

[harizen]

http://www.cityam.com/229160/eu-cracking-down-on-bitcoin-after-paris-attacks-to-stop-terrorism-funding

[franky1]

http://www.cityam.com/229160/eu-cracking-down-on-bitcoin-after-paris-attacks-to-stop-terrorism-funding

cityam says: "according to reuters"..
yet reuters source is an EU memo
yet when using the find function of the web browser. the EU memo never says the word 'bitcoin' and or 'cryptocurrency'. but when you search virtual currency.. 1 hit appears.. in regards to ensuring exchanges follow AML/KYC..

seriously media needs to research better and stop copy and pasting stories.

here is the memo that all media is speculating at:
http://europa.eu/rapid/press-release_MEMO-15-6115_en.htm

search
"bitcoin" = no hits
"crypto" = no hits
"virtual" = 1 hit

can we now ask the OP to rename the topic as debunked.. and then lock it so it cant be bumped by sheep not even bothering to read it and going nuts thinking the media is right

[johnyj]

This is a very bad publicity, it equals to: "ISIS, come and use bitcoin!" 

I guess the blockchain analysis and black listing will become more and more popular, like Mike Hearn said, unfortunately 

[mayax]

http://www.cityam.com/229160/eu-cracking-down-on-bitcoin-after-paris-attacks-to-stop-terrorism-funding

cityam says: "according to reuters"..
yet reuters source is an EU memo
yet when using the find function of the web browser. the EU memo never says the word 'bitcoin' and or 'cryptocurrency'. but when you search virtual currency.. 1 hit appears.. in regards to ensuring exchanges follow AML/KYC..

seriously media needs to research better and stop copy and pasting stories.

here is the memo that all media is speculating at:
http://europa.eu/rapid/press-release_MEMO-15-6115_en.htm

search
"bitcoin" = no hits
"crypto" = no hits
"virtual" = 1 hit

can we now ask the OP to rename the topic as debunked.. and then lock it so it cant be bumped by sheep not even bothering to read it and going nuts thinking the media is right

We can say that Bitcoin is mainly use(ober 90%) for illegal activities. This is the truth. Terrorists , ponzies, drug dealers, illegal forex, illegal exchange companies(not licensed) and many others are the real Bitcoin. Withoth these, BTC value will be near zero.

The other part(speculators) is negligible.