The illegal uses of virtual currency have seen as the main concern of regulators these days and from time to time the erroneous projection of news by the major media channels leads to FUD against their use. But since the bitcoin case or cryptocurrencies alone can not be used for criminal activities until they have the support of the existing banking infrastructure.
According to sources, a Pakistani-American woman called, Zoobia Shahnaz has admitted the fraud of Bitcoin funding to the ISIS terrorist group. Zoobia, 27, is a medical technician arrested in July 2017 by the Joint Task Force of Terrorism (JTTF). He admitted to Joanna Seybert, a federal court judge from Central Islip in New York on Monday. Shahnaz was arrested when she was about to leave the United States for Pakistan and after Pakistan in Syria through Turkey.
Reports have claimed that Shahnaz has captured ISIS funding across fronts in China, Pakistan and Turkey in Bitcoin and other encrypted. An agreement with the authorities revealed that he dodged credit funds and loans to convert it into bitcoin and cryptocurrency – these cryptos would then send to ISIS (Islamic State of Iraq and al-Sham).
As reported by NDTV, officials said;
While he was sending money to ISIS, he was also looking for his propaganda "on various violent websites related to jihad and discussion forums, and social media and messaging pages of well-known ISIS recruiters, facilitators and financiers"
He was in prison since December 2017 for supporting the global terrorist organization. The reports also revealed that Shahnaz deceived several banks including Chase Bank, American Express, TD Bank to obtain the loan of US $ 22500 and managed to get six credit cards. Using the credit cards obtained, she managed to get USD 62,703 in bitcoins and other cryptocurrencies – later, she used these cryptocurrencies to convert into US dollars.
William Sweeney, the Assistant Director in charge of the Federal Bureau of Investigation;
"In the interest of enhancing and enriching a terrorist organization that has the goal of harming America, Zoobia Shahnaz has turned away from her country and her fellow citizens."
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