The Islamic State (IS) terrorist group is turning to cryptocurrencies like Tether to raise and move funds, according to a coalition of nations tackling its finances. While cash couriers remain the primary method, IS unite, especially in West Africa, and make payments using virtual assets.
Despite losing territorial control in Syria and Iraq, IS maintains an estimated $10 million to $20 million in liquid assets. Its Somalia branch has emerged as the primary revenue generator, earning around $6 million from extraction and local taxes.
The US recently reached a $4.4 billion settlement with Binance, the world’s largest crypto exchange, for failing to implement basic anti-money laundering measures to prevent activities by terror organizations like IS. Tether, however, claims its transactions are traceable on public blockchains, enabling law enforcement to seize assets and arrest criminals.
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