Blockchain intelligence firm Chainalysis has opposed ISIS's claim that it has $ 300 million worth of Bitcoin assets for war funds.
In a report published on May 20, the US-based company filed serious accusations against the media about Bitcoin and other cryptocurrencies only on terrorism.
The report stated that most of the parts of terrorism financing made with cryptocurrencies can collect less than $ 10,000, which shows how low the adoption of cryptocurrency in such funding. A few days ago, the director of the Creation of Anti-Extremist Projects claimed that ISIS kept a $ 300 million value in Bitcoin to finance terrorist attacks. It is known that ISIS has missed an amount since 2017 and that money is still not found.
"This is an ideal form of storage," says Hans-Jakob Schindler, director of the anti-extremist organization. You can hold funds until you need them. In addition, it is very difficult for states to follow and find. ”
In his report, Chainalysis states that Schindler's theory is not very valid. "If the organization's oil revenues were converted to Bitcoin, it would certainly be noticed in local stock exchanges or money services sectors," the report said.
The Chainalysis report also emphasized that hiding illegal funds with cryptocurrencies is not an ideal way due to the transparency of Blockchain technology, and “Cash and other traditional assets are more accurate ways to do this.” The statement said.