International terrorist groups, like ISIS and Al-Qaeda, have failed multiple times trying to fund-raise to support their criminal businesses using crypto, as reported by a declaration made today at a House Financial Services Committee hearing.
Yaya Fanusie, the director of investigation for the Foundation For Defense of Democracies Center on Sanctions and Illicit Finance stated in front of the hearing that the foreign terrorist organizations (FTOs) failed repeatedly trying to fund their destructive criminal operations by means of cryptocurrencies like Bitcoin and Ethereum.
Fanusie also pointed out a case of a failed 2016 online campaign that saw just two contributions being made to the Iraq-based Mujahideen Shura Council (MSC). The two transactions just added up to approximately $500. He additionally expressed that "cold hard cash is still king" for terrorists, because of the fact that it is so easy to conceal the cash and continue with the anonymous funding.
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