Feb 24, 2021 12:31 UTC
Feb 24, 2021 at 12:31 UTC
Congress doubts crypto used to fund domestic terrorism, Capitol insurrection
U.S. Congress subcommittee speaks that bank reporting approaches ran to Capitol attack arrests but doubts that BTC strength has aided fund the insurrection. A U.S. Congress subcommittee is investigating if domestic radicals are turning to cryptocurrency as a basis of funds for their doings.
On February 25, the Subcommittee on International Development, National Security, & Monetary Policy will grip a hearing titled ‘Dollars Against Democracy: Domestic Terrorist Financing in the Aftermath of Insurrection.’ A committee memorandum ahead of the earshot quantified that ‘as scrutiny by traditional banks & payment stages increases, extremists are turning to solicitations of cryptocurrencies.’
The memorandum lumps cryptocurrencies with other possible avenues for illicit activity financing with charities, crowdfunding, & social media stages. 2 key events are used to propose crypto might have aided fund the Capitol insurrection.
Exactly, on December 8 a French extremist who committed suicide directed 28.15 BTC (value $522,000 at the time of transfer) to 22 addresses with numerous fitting to known far-right activists & internet personalities.
More than $250K of the Bitcoin he sent went to activist Nick Fuentes who was recognized as being at the Capitol during the insurgence, although he specifically denies incoming the building.
The other basis cited by the memorandum was a live video of the Capitol complaint on the video streaming stage Drive in which the streamer received about $222 in cryptocurrency tips. Rendering to the document, the stage has paid out hundreds of thousands of dollars to extremists since its founding.’ The stage was purchased by peer-to-peer file sharing service BitTorrent, which is in turn possessed by the Tron Foundation.
However, the memo allows the 2 incidents are incidental evidence & that ‘it is unidentified whether the funds from these BTC transfers or others were used in the preparation & execution of the Jan.6th Trump meeting or the Capitol insurrection that shadowed.’
The committee trusts that as traditional finance ramps up the reporting of doubtful activity, future rebels are likely to turn to non-traditional approaches to finance their doings. It additional that ‘some of the arrests related to the Jan. 6 attack,’ were fruitful due to the reporting approaches banks & other controlled financial institutes employ.
There is quite an important push-back to the ‘cryptocurrency is a criminal’s haven’ story.
BTC influencer Pierre Rochard responded on Twitter to the memo states ‘nearly all domestic terrorism occurred before BTC was invented. Domestic terrorism is financed by USD.’
Cryptocurrency investor who goes by the name ‘The Crypto Monk’ held that even Pokémon cards would be well for payment than BT due to the cryptocurrency’s capability to trace funds.