Blockchain intelligence firm Chainalysis has dismissed claims ISIS is holding a $300 million bitcoin (BTC) war chest.
In a “fact-checking” report, published on May 20, 2020, the U.S. company accused the media of sensationalizing allegations about BTC and other cryptocurrencies being used to fund terror groups.
Most terrorism financing campaigns have raised less than $10,000 via crypto, indicating limited adoption, said the report.
A few days ago, the director of the Counter Extremism Project claimed that ISIS had up to $300 million stored in bitcoin. Funds of equal value have been missing in a search conducted since 2017.
“This would be an ideal storage mechanism until it is needed. If done right, it would be unfindable and unseizable for most governments,” said Hans-Jakob Schindler, who heads the terrorism-related think tank.
Major news media published Schindler’s speculative allegations, even without hard evidence to back up his claims.
“Schindler’s theory is also highly unlikely,” Chainalysis asserted. The company explained…