Funds In The Shadows: ISIS Expands Crypto Usage For Fundraising And Money Laundering, Report
The Islamic State (IS) is reportedly increasing its use of cryptocurrencies, particularly Tether’s USDT, to raise and transfer funds globally, focusing on Africa. Despite losing territory in Syria and Iraq, IS continues violent campaigns in Africa, with its Somali branch generating $6 million through extortion and taxes. The US, Italy, and Saudi Arabia are forming the Counter ISIS Finance Group to combat illicit financing. Tether has frozen over $225 million worth of USDT associated with criminal activities and collaborates with law enforcement to trace and seize assets. Tether emphasizes its efforts to combat criminal use of cryptocurrencies and its partnership with Chainalysis for monitoring. CEO Paolo Ardoino highlights Tether’s commitment to preventing illegal activities.
