Evidence of ISIS crypto use mounts: TRM Labs

Blockchain intelligence platform TRM Labs has revealed that Tether (USDT) on the Tron network has become the top choice for transactions between ISIS affiliates in Asia.

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Blockchain intelligence platform TRM Labs recently released a report that highlights the growing use of cryptocurrency by ISIS affiliates across Asia. He has linked important on-chain connections between these groups and pro-ISIS fundraising campaigns in Syria.

Published on July 21, the report said there has been "growing on-chain evidence" over the past twelve months that pro-ISIS networks in Tajikistan, Indonesia and Afghanistan have used cryptocurrency to facilitate operations.

According to TRM, the majority of business-related transactions involved the use of Tether (USDT) on the Tron (TRX) network.

Excerpt from report 'TRM Finds Mounting Evidence of Crypto Use by ISIS and its Supporters in Asia'. Source: TRM Labs

On July 21, Cointelegraph covered a presentation by Tara Annison, former crypto technical advisory manager at Elliptic, where she also pointed out that Tron and Tether were popular assets for illicit use. She noted that criminals were moving away from bitcoin (BTC) towards stablecoins.

Annison explained that decentralized exchanges (DEXs) have significant liquidity and “really good volume,” making money laundering “super easy.”

A significant number of individuals using Indonesia-based exchanges to send funds to addresses associated with pro-ISIS fundraising campaigns in Syria were also highlighted in the report. It was the state...