The terrorist organization known as the Islamic State of Iraq and Syria, or ISIS, is beginning to migrate to Monero (XMR) to accept donations from the public.
As reported by the blockchain intelligence company, Whitestream, and independently confirmed by Cointelegraph, a news website affiliated with the terrorist organization and the jihadist movement has updated its donation page on June 21 to accept only Monero.
No, ISIS does not have $300 million in Bitcoin funding
According to the tutorial page published by the website, Monero is a more secure payment method that cannot be tracked. The page then explains how users can purchase and send Monero, while including the XMR address.
Previously, the website accepted donations from Bitcoin (BTC) as of December 2017. According to Whitestream, the organization consolidated the BTC it received into one address, which now contains 0.295 BTCs worth approximately $2,700.
American woman sentenced to 13 years in prison for funding ISIS using Bitcoin
The website publishes news about the reported „successes“ of the organization, which since its expulsion from Syria, Iraq and Libya has been operating mainly under the shadow of the Sinai region of Egypt and northern Nigeria.
Kryptomone is not yet the preferred method
While many of the regulatory steps taken for cryptomonies seek to reduce this exact type of activity, a recent Chainalysis report debunks the commonly held belief that cryptomonies play a major role in terrorist financing. Amid speculation of ISIS reserve funds hidden in Bitcoin, Chainalysis said that less than USD 10,000 was raised for terrorism through crypto currencies, while it is also unlikely that they use crypto currencies to store their oil sales profits.
ISIS switches to blockchain-based messaging application after Telegram ban
In March, a woman was sentenced to 13 years in prison after laundering money for terrorism through Bitcoin, although it is unclear whether the authorities relied on blockchain analysis to catch her.
In December 2019, ISIS reportedly experimented Crypto Genius with switching to blockchain-based communication applications.