Home / Coin Payment / ISIS and Suicide Bombers have raised funds through Bitcoin to finance Easter attacks in Sri Lanka – Reports – Adaderana Biz Italiano

ISIS and Suicide Bombers have raised funds through Bitcoin to finance Easter attacks in Sri Lanka – Reports – Adaderana Biz Italiano

The Israeli intelligence blockchain company Whitestream states that the Canadian payment gateway, CoinPayments, was used to convert Bitcoin to Fiat Money

Several international media reports show that Bitcoin and Altcoin were used to support suicide bombers connected to ISIS who bombed several Christian hotels and churches in Sri Lanka, killing 253 people out of 21st April 2019. Reports report that the information was released by Israeli intelligence company Blockchain Whitestream.

"Apparently, ISIS individuals used the company CoinPayments to exchange BTC for legal currencies," the report noted. According to Whitestream, large transactions have been processed by ISIS portfolios that were used to collect Bitcoin contributions to CoinPayments to be able to extract money from these portfolios.

"The company reported that the wallet balances that the exchange had gone from $ 500,000 to $ 4.5 million the day before the Easter attacks. Meanwhile, the funds on these portfolios fell immediately after the attacks," notes the relationship.

Nevertheless, the company has informed that it has processed large transactions but denies having links with terrorist groups such as ISIS.

"CoinPayments admits that their portfolio was involved but denied that it is connected to ISIS. It is possible that the company is not aware of the use of their portfolios, perhaps because ISIS uses straw companies to transfer money ",

Meanwhile, the blockchain – Whitestream analysis company explained that it has been monitoring Bitcoin wallets connected to ISIS in recent years. In particular, they paid close attention to a specific portfolio that actively received donations over different periods of time. Transactions went directly to CoinPayments from two ISIS portfolios.

According to reports, this is not the first time that Whitestream is able to find a connection between Bitcoin and terrorist groups. A few months ago, Whitestream had explained that Hamas had received funds from several individuals. These funds were then sent to Binance and converted into cash via Bitfinex.

According to many Facebook users in Sri Lanka, a country that has over 7 million Facebook accounts or a third of 22 million inhabitants, many point out that Binance and Bitfinex have extensively advertised for Facebook users over the past 3 years. Reports note that although Bitcoin and Altcoin – virtual currencies can be used to support illegal activities, they allow people to avoid hyperinflation and process cross-border transactions when traditional systems cannot be used. Bitcoin and digital currencies make payments more efficient and transactions faster and cheaper for users.

– Reporting by Devendra Francis

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