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Illegal Crypto Activity, Link to Terrorism?

2024-03-01 13:42:07Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Illegal Crypto Activity, Link to Terrorism?

According to a recent report by Chainalysis, sanctioned entities such as those linked to North Korean hacking groups and US-designated terrorist organizations such as Lebanon's Hezbollah continue to rely on cryptocurrencies for fundraising. .

The US blockchain analysis firm's Crypto Crime 2024 report found that $24.2 billion in illegal cryptocurrencies were transferred in 2023 based on illegal crypto wallets. Chainalysis retroactively updates its yearly crypto figures when new illegal wallets come on the scene.

While last year's figures actually represent a decline, Chainalysis noted that a much higher percentage of funds were attributed to sanctioned or terrorist-linked recipients, accounting for around 61.5% of total illicit transaction volume in 2023- shin.

Entities such as crypto 'mixer' Tornado Cash and Garantex received the most significant share of illicit funds in 2023. Tornado Cash was sanctioned in August 2022 for its role in laundering crypto stolen by the North Korean hacking organization, Lazarus Group. Russia-based exchange Garantex was sanctioned in April 2022 for its association with illegal actors, including 'ransomware' groups.

Crypto 'mixers' are software that obscure the history and origin of digital assets sent through them.

The amount of crypto transferred to sanctioned entities has increased in recent years along with a greater share of new restrictions.

In 2023, the US Office of Foreign Assets Control's sanctions list imposed a total of 18 new sanctions on individuals and entities, including their crypto-related wallets.

At least nine of the new sanctions were against individuals and entities across China and Latin America for their alleged role in the production and trafficking of fentanyl. Meanwhile, five of the sanctions targeted entities believed to have violated sanctions against North Korea.

The main crypto receiver added to the sanctions list last year was Sinbad.io – a bitcoin 'mixer' that was shut down in November 2023 – which received $665.4 million in crypto from the Lazarus Group.

However, sanctions have shown the ability to slow the flow of crypto funds to their targets. Tornado Cash's monthly inflows dropped by as much as 93% immediately after its US listing, according to Chainalysis. Although the firm noted inflows slowly recovered.

Of the sanctioned countries, Iran was a major recipient of illicit funds, with 73.3% of inflows coming from major international exchanges indicating that services can be used to circumvent sanctions.


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