Wed. Jun 3rd, 2020

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ISIS Holding $300 Million In Bitcoin Controversy; Here Are The Details

2 min read
FBI

Early this week, there was a report that ISIS is holding around $300 million in Bitcoin. This is the kind of report that taints a dark picture over Bitcoin.

News of cryptocurrencies being used for illegal activities such as terrorism has been one of the main reasons why they remain unlawful in many countries.

With such reports, it also makes it risky for holders who fear that even in countries where they are legal, they could easily be illegalized. The $300 million crypto claim was made by the Counter Extremism Project.

One analyst noted:

“This would be an ideal storage mechanism until it is needed. If done right, it would be unfindable and unseizable for most governments,”

Now research firm Chainalysis has come out and refuted this claim. The firm explained that the transparency offered by blockchain technology made storing funds in Bitcoin unideal for terrorists.

If any transaction was made starting from the purchase of the crypto, it could easily be traced through the blockchain. The firm added that cash and other traditional assets lacked this and would be better suited for such operations.

“funneled oil proceeds into bitcoin, trading volume of regional exchanges and money service businesses would have reflected this flow of funds.”

Which Narrative On Bitcoin Holds

Numbers and facts never lie and once again they have proven that cryptocurrencies are not used for illegal activity.

Cryptocurrencies continue to be attacked by institutions that are not ready to adapt to change. but empowered with knowledge and data such as shown by Chainalysis, crypto will continue to come on top.

This was once again a mere attempt to create Fear, Uncertainty, and Doubt which would in previous years see prices fall on their knees.

Now though, the market has matured. The news had little effect on prices and is set to continue to forge ahead to new highs.

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Cryptomute | 2020