Are crypto’s foes using Hamas fundraising activities as a pretext to eliminate cryptocurrencies? Could it kill crypto reform legislation in the United States?
The industry is reeling as governments, legislators, and even investors ask if its networks are being exploited by terrorists. A sense of proportion may be needed.The ghastly events of this past month raise again some troubling questions: Does crypto have a terrorist fundraising problem? Are its networksOn the other hand, maybe the problem is one of perception — more appearance than reality — because public blockchains, after all, are transparent and traceable.
One often hears this argument from industry supporters. Crypto’s contribution to terrorist coffers — whether those groups are based in North Korea, Iran, Lebanon or Gaza — is trivial compared to the volumes raised via fiat currencies that use more traditional means of transfer.“The reality is that this is just a tiny piece of the larger terror financing puzzle,” Ari Redbord, global head of policy and government affairs at TRM Labs, told Cointelegraph.
In fact, Hamas said in April that it was giving up crypto-related fundraising and would no longer receive funds via Bitcoin, “citing an increase in ‘hostile’ activity against donors,”But even a relatively small amount of crypto usage by Hamas, Palestinian Islamic Jihad , et al. appears to be enough to stir the waters.
How does one set the record right then? More education and more data answered Carbone. “More education on how blockchain technology is a terrible tool for terrorists because of its public nature, but also identify the pain points.”
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