Terrorist-Bound Crypto Assets Seized

Judy Rubio

According to the latest reports that the press received from the Justice Department, one of the largest seizure of terrorist-bound crypto assets occurred this week in Washington, DC. Authorities seized millions in crypto funds – as posts claim, the assets belonged to the ISIS network and al-Qaeda.

Specialists refer to theannouncement made on Thursday - the United States Department of Justice announced that the official representatives managed to seize millions of U.S. dollars in cryptocurrency from more than three hundred accounts. Investigators say that the mentioned announcement and other various reports do not specify the exact amount. 

https://www.justice.gov

However, they do identify the procedure of the operation and the event itself as one of the most significant to target terrorist funding in cryptocurrency. A large number of news agencies including security officers, the FBI along with the IRS took an active part in the campaign. As news sources state, the troops banned several websites. They also shut down a few Facebook pages.

According to the most recent data, there were fraudulent sites selling medical items like masks. In fact, all those websites covertly collected funds for terrorist operations. Official representatives of the investigation team share the news and the action they took to find the original sources. As authorities state, police officers used their special tracking capabilities that helped them to locate the cryptocurrency involved.

Tracing and Dismantling the Network

Dismantling such radical groups’ communication prevented them from performing various illegal activities and committing serious crimes across the globe. Authorities did all possible to ruin the criminals’ financial networks by tracing funds that the terrorists would transfer to their sources. The IRS is known to be interested in purchasing new tools.

Last month the organization needed special instruments to be able to monitor, manage, and control privacy coin transactions. There has long been an address for storing the top-ranked crypto. The address has been known to the department for more than a year. As officers say, they suspected that address to belong to an affiliate of the ISIS. Representatives confirm that those were long-term capabilities that various agencies involved.

Terrorism is a serious issue nowadays and there are plenty of effective measures that governments all around the globe employ to fight this sort of crime. Such events ruin the reputation of the entire crypto industry and make the crypto community feel less safe and secure. Unfortunately, cybercriminals keep on supporting terrorist groups since all these activities involve huge money, trading weapons, and other aspects.

It’s an established fact that criminals gather money by launching different websites on the Internet where they sell legal products that are not relevant to their true purposes. Investigators and police apply their most advanced practices to detect and ban such websites and prevent their further growth.

The crypto industry admits that terrorism must not keep on posing major risks and threats to the security and peace of the community. This is a key concern and many analysts say that it should become a priority for the international network. More than that, police must stop groups operating in numerous regions – what they do dramatically intensifies the instability and insecurity across many countries.