Cryptocurrency, KYC and Terrorism

[Oilacris]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

Have you consider for these things is already happening with Fiat system? So,no surprising that it would possibly happen here on Cryptospace

that's why crypto do have that kind of negative image because it is being always portrayed that crypto is a good vessel or tool for these kind of
transactions which they haven't realize that it is already long time existed with Fiat.

[1715411254]

1715411254

[Bitum]

For no one is no secret that over many exchanges the dirty money is washed. But I do not think a big part of it is the money from terorristen. The hackers are more wrapped up than terrorists. And KYC is just a tool of states to make this market a bit more transparent, no more and no less. When considered proportionately, for dollar more terorism is being funded than for crypto

[hahay]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

This is indeed worrying and it is very possible that the scenario will be carried out by terrorism. But with this growth we know that ICO will no longer be interesting in this industry because there is already an IEO as another alternative for projects that are serious about building their projects, because there are things like better regulations and this step should be supported because the project Having a product will be willing to follow the rules and the clarity of each project is important so that they do not hesitate to invest and send a KYC. I personally will only avoid things like this just to keep privacy good.

[shield132]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

When anyone asks you for KYC in exchange of money, sorry but to my mind, if you accept it, this means you cost that much. I have no idea why some people just send their identification documents to any ICO, Casino, Exchange and etc even without checking whether website is trustworthy or scam. Problem is love of easy money, this is where from everything begins and ends.

[Furious 7]

I am not sure about this issue, so far there is no evidence of crypto being used to fund terrorism. although the opportunity for that is very large at least the OP provides evidence.
and KYC I agree to be more careful to provide your personal data, make sure your website is safe and responsible.

[The Sceptical Chymist]

terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities.

This is the part I don't understand.  Are you saying terrorists are allegedly stealing identities or money from people in order to fund their activities?  What good would someone's identity do for them as far as terroristic activities go?  Plus I'm not sure how much information you can gather about a person, even if they invested in an ICO that was a terrorist scam.

As far as using scam ICOs as a vehicle for fundraising, sure that's a possibility.  But terrorist groups could also try to scam people out of their fiat money, and probably with much more ease as well. 

Sounds like this is all directed toward giving crypto a black eye by linking it to criminal activities--but that's always been silly IMO.  Cash has been used to fund all sorts of illicit and illegal businesses since the beginning of money, and yet we still use it without prejudice, don't we?  So it really doesn't matter if it's cryptocurrency or US dollars that the terrorists are using.  Go after the criminals and don't try to demonize the money they use.

[TheCoinGrabber]

It's a possibility. I mean if Facebook can just give away data like right, what's stopping these random people creating ICOs from selling your data for more money.

When anyone asks you for KYC in exchange of money, sorry but to my mind, if you accept it, this means you cost that much. I have no idea why some people just send their identification documents to any ICO, Casino, Exchange and etc even without checking whether website is trustworthy or scam. Problem is love of easy money, this is where from everything begins and ends.

This was I never really spent anything on ICOs. I check updates but don't get involved unless their coins shop up on exchanges. The only KYC I can tolerate is exchanges and only coz there's not much work around it.

[zidanw]

I am not sure about this issue, so far there is no evidence of crypto being used to fund terrorism. although the opportunity for that is very large at least the OP provides evidence.
and KYC I agree to be more careful to provide your personal data, make sure your website is safe and responsible.

This is indeed difficult to prove but now the OP is talking about KYC being used for terrorists. actually in this case it is not new when bitcoin is associated with terrorists or other crimes. but it can't be proven.

[Ozero]

I do not think that this problem is too acute. If the ICO projects and the KYC verification are used by terrorists, then these are most likely isolated cases.
However, this problem exists. For bounty hunters, KYC checks in ICO projects are a big problem. Moreover, it should be said that the KYC check itself for bounty hunters is illegal, since we are not invasive and no state requires this from us. ICO teams abuse their rights when they require bounty hunters to undergo a KYC test.

[uneng]

I think terrorists already have their sponsors, they don't need to steal some money through crypto currency icos. Actually, money made from scam icos are pennies near the sums terrorists move to maintain their activities.
There are indeed scammers running icos and looking for kyc to blackmail and extort people later, but I don't think they are terrorists, but just common virtual thieves.

[iv4n]

Do people really believe in terrorism and drug wars? Someone (read corporations, governments) created terrorism and drug wars to fight with imaginary enemy! They are financing terrorist to scare people, than they take the money from the people to protect them from the things they created! Same thing you can apply on pharmaceutical industry, they create diseases and they sell you "the cure" later, that never heal you, just keeps you ok while you using it.
We are all people! Some of us didn`t have "luck" to be born in arranged state, with both parents, nice house and food on the table. Brain washed people, should you blame them or to blame the ones who did that to them?

[marcbitcoins]

This is the reason of why i strongly supported the call for a strong regulation as i see that there is still a weak spot after it was started like the KYC requirements in which still the bad guys could find ways on how to bypass the process and use our data illegally. Hopefully the law makers could draw better regulation to ensure the safety of all crypto users and investors.

[DoublerHunter]

~snip~
So it really doesn't matter if it's cryptocurrency or US dollars that the terrorists are using. Go after the criminals and don't try to demonize the money they use.

^ I strongly agree on this, even a terrorist group use either fiat or cryptocurrency they were always doing that if they didn't have caught their activities, we should go after them if we know very suspicious moves. KYC documents may be stolen that's why as long as possible we avoid that kind of verification or choose only companies that have trustworthy review by some clients. Joining a project that has KYC is very risky as of now so better to avoid this kind of projects.

[Indrawan77]

This is a big concern and had been used by the government to try to stop crypto movement, but to be honest alt coin is not that efficient to be used especially it will need to convert to fiat when they want to used it to buy something while btc is not totally anonymous, so I think its just a conspiracy news to misled people, the one that the terrorist prefer is fiat and kyc procedure is something that I hate, if its being misused nobody could stop it, but if you said the terrorist gathering data I think that theory is very likely to happen

[Cnut237]

My thought is that wherever there is money, there will be scams and criminal activity.

The anonymity (or relative anonymity) of Bitcoin and other cryptos does create money-laundering possibilities along with extortion etc., and the lawless 'wild-west' nature of crypto does present criminals with further opportunities, whether it's KYC scams, ICO scams or anything else.

So in this sense any incoming regulation, although it has its down-sides, can also be a good thing as it will help to protect consumers from criminals, at least to an extent.

But the basic problem isn't crypto, it's the lack of legislation. Governments are notoriously slow-moving, and technology is notoriously fast-moving... this is what causes the problem.

[Cacingkemi]

I think this might happen that KYC is the most important thing in our lives, cryptocurrencies are anonymous and from all walks of life will definitely like it so it's only natural now that. We all know that crypto is created as money as happened to FIAT, but I never heard that we all fund terrorists in the context of the ICO.

[Cosbycoin]

This is no longer a new things, cause we have been discussing for many years, there have been lots of people kicking against bitcoin and cryptocurrency as a whole because they believe that it can be used in funding terrorists attacks. As for stealing people's identity, that has been happening for a very long time, there are people who just come here for the purpose of stealing people's identity and selling them on the dark web,  so no longer a new thing. That's why a lot of people here hates to make use of platforms that request for KYC, unless maybe it's a trusted platform that has a good reputation.

[Flangler]

I have noticed that many companies will accept your KYC even if you blurry you ID number and leave only your nama, surname and photo. Keep it in mind before you sent your documents next time. You don't have to show them everything.

[bettercrypto]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

That is why many people hate to perform KYC. As a matter of fact, I am also a cons when it comes in KYC. I do not want to expose my identity in public eventhough, I am a bounty hunter or an investor. Submitting our personal information as well as picture can be used in any act just like scam or terrorism.

[shinratensei_]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

But this thing has already speculated by so many people and regulators even when we have known about what was the decentralized network. that used algo to create an encryption transaction in the cryptocurrency. Some trusted ICOs will not do that but it looks like possible the scam icos to be created by terrorist. I just thinking that possibility of it.