Citing a Web Analyst, Haaretz, an Israeli Newspaper Says ISIS in US Raising Funds Using Bitcoin

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Citing a Web Analyst, Haaretz, an Israeli Newspaper Says ISIS in US Raising Funds Using Bitcoin

Citing a web analyst, Haaretz, an Israeli newspaper says that ISIS in the US is raising funds using Bitcoin. According to the report a Tel Aviv analyst working for a Singapore-based cyber intelligence company has come to the conclusion that there is concrete evidence that a terror cell, purporting to be related to Islamic State in the US is soliciting for Bitcoin.

This is not the first time that reports are appearing up that Bitcoin is being used by terrorist organizations to raise funds for their terror activities; however, this definitely is the first time when the analyst is giving some concrete evidence. Ido Wulkan, the 25 year old web analyst believes that there is evidence of the terrorist cells raising funds using Bitcoin.

He believes that evidence is being made public linking what claims to be a specific Islamic State cell to Bitcoin fundraising in the dark web. According to him this could be a one-off fundraising effort, or even — possibly although very unlikely. Though he says that it could also be a hoax or a joke, it definitely pointing to a larger, more worrying trend.

So that the information is processed by the intelligence agencies for the larger security, he has passed it to various authorities tracking Islamic State activities. He believes that due to the increasing efforts of social media websites to close ISIS-related accounts it was estimated that global jihad activists would seek refuge in the dark web.

Dark Web has been seen from Suspicion

Wulkan is of the belief that he found the message from a group’s fundraiser, a man identified only as Abu-Mustafa which connotes that the group is involved in using Bitcoin as a source to fund their activities. This definitely is going to be a major threat for the governments but for Bitcoin as well because the governments have been accusing it for misuse from these elements.

Dark web has often been subject of debate in media; Haaretz recalls the discovering in July of a pro-ISIS blog titled “Bitcoin and the Charity of Violent Physical Struggle.” The blog had then discussed about Taqi’ul-Deen al-Munthir who argued for the need to use non-traditional methods to send payments to jihadist fighters.

Wulkan cites findings of jihadists fundraising from a specific Bitcoin account, which seemed to have accrued approximately 5 Bitcoin, worth at the time around US$1,000.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com