Saturday, March 6, 2021

Research says Terrorist organisations are using Telegram to raise funds

The Takeaway:

Terrorists are using Telegram and other social media platforms to promote donations in cryptocurrencies. Recent research by Middle East Media Research Institute (MEMRI) warns that the launch of Telegram's coin Gram could make terror financing more anonymous.

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research by Washington-based Middle East Media Research Institute (MEMRI) shows that terrorist groups are using social media platform Telegram to raise funds in cryptocurrencies. These terror organizations include ISIS, Al-Qaeda, Hamas, and the Muslim Brotherhood. The report also says that with the launch of Telegram blockchain TON and its coin Gram, these organizations will be able to raise funds more anonymously. 

The report claims that terrorists are using Telegram for recruitment, outreach, posting announcements, and various activities. Bitcoin, Dash, Ethereum, Monero, Verge, and Zcash are among the top cryptocurrencies used by terrorists. Terrorist groups regularly publish their bitcoin addresses and tutorials on how to donate in cryptocurrencies without being noticed by authorities. 

Hamas’s military wing Al-Qassam Brigades is heavily promoting the use of cryptocurrencies among its followers via Telegram, Twitter and Instagram. The full 250 pages report will be published later by MEMRI. Steven Stalinsky, executive director of MEMRI last month in wrote in a blog that authorities all over the world are ignoring terror activities on Telegram. Last year the encrypted messaging app raised over $1.7 billion in private ICO for its coin Gram. 

TON would make it easier for the terror organizations to raise cryptocurrency as followers would be able to donate without leaving the messaging app. As the use of cryptocurrency is rising, it is becoming challenging for the authorities to fight terror financing and money laundering because of the extra layer of secrecy that technology provides. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

William Botello
William Botello
William is a market research coordinator who believes that blockchain technology and cryptocurrencies can revolutionize the financial landscape. He completed his studies in Arts and Sciences from Arizona State University.

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