Blockchain analytics firm Chainalysis has debunked reports and analyses floating around in the media that inflate the role of cryptocurrencies in terrorism financing.
In a recent report geared toward correcting misconceptions regarding the use of crypto by terrorists to finance their operations, Chainalysis data revealed that digital assets play a minor role in the activity.
Correcting Misconceptions
Chainalysis pointed out that while some terrorist organizations, including Hamas, Jihad, and Hezbollah, raise and transfer funds using crypto, these transactions make up a small fraction of the already limited volume of illicit crypto transactions.
“Terrorism financing is a very small portion of the already very small portion of cryptocurrency transaction volume that is illicit,” Chainalysis said.
The report noted that terrorist groups have historically used traditional fiat-based methods like financial institutions, hawala, and shell companies as their primary financing channels and w
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