The case of Sam Bankman-Fried highlights how crypto-currency is being used more and more to commit crimes. The untraceable currency can be used for money laundering and even for financing terrorism.

Washington

The article discusses the increasing use of cryptocurrencies in criminal activities, specifically emphasizing the case of Sam Bankman-Fried. It points out that cryptocurrencies, due to their untraceable nature, facilitate various illegal endeavors. Among these are money laundering and the financing of terrorism, showcasing a dark side to the digital currency revolution. The focus on Sam Bankman-Fried suggests a high-profile example of how cryptocurrencies can be manipulated for illicit purposes.

Cryptocurrencies, despite their potential for innovation and financial inclusion, are increasingly scrutinized for their role in enabling criminal activities. The case of Sam Bankman-Fried is highlighted as a significant instance of this issue. The article suggests that the anonymity and lack of regulatory oversight in the crypto space are key factors that criminals exploit for activities like money laundering and supporting terror activities. This raises concerns about the need for more stringent regulations in the cryptocurrency market to prevent such misuse.



How cryptocurrencies enable crime, terror funding

They once dealt in sacks of cash, but these days crypto is increasingly the currency of choice for criminals. It's typically linked to fraud, ransomware attacks, the narcotics trade and the exchange of child abuse images. But armed groups are also using crypto networks to help finance their activities. It's unknown just how much terrorism funding flows through the cryptocurrency space. In 2022, a UN official said up to a fifth of terrorist attacks could be linked to crypto financing, but other experts put the figure much lower. In any case, US and Israeli authorities are taking it extremely seriously. Hamas is known to have been using crypto since 2019. The Palestinian group has solicited cryptocurrency donations on social media, including, according to Israeli police, in the immediate aftermath of the October 7 attacks. In the following days, Israel froze multiple cryptocurrency accounts believed to belong to Hamas. It wasn't the first time the country had targeted accounts linked to militant activities. Last year, its National Bureau for Counter-Terror Financing ordered the seizures of millions of euro worth of crypto wallets it said were linked to the Islamic Jihad movement, Hezbollah and the Quds Force branch of the Iranian armed forces. The US has repeatedly targeted accounts linked to armed groups in the Middle East. The Department of Justice has seized wallets belonging to the Islamic State group, Al-Qaeda, and Hamas's military wing, the Al-Qassam Brigade. Crypto-backed funding for armed activities may be happening beyond the Middle East. Just this month, Nigerian authorities accused the crypto exchange Binance of involvement in terrorism financing. Both regular criminals and armed groups are believed to use large-scale money laundering networks to help cover their tracks. The pan-European policing agency Europol warns these networks are a significant threat. They offer services that allow other criminals to operate in the crypto space and help them to cash out their digital assets, that is, convert their crypto to hard currency.

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