The coming altcoin news show that terrorists collect crypto funds through the popular instant messaging app Telegram. The app is known for its focus on privacy, which is why the report outlines that it is reportedly used by terrorist groups to raise funds in crypto for their cause.
We are talking about the Washington-based nonprofit firm , which recently outlined that terrorists collect crypto after using social media channels such as Facebook, Twitter and other platforms such as Telegram. The report states that their “app of choice” for raising funds in various cryptocurrencies such as BTC, DASH, ETH and XMR is Telegram.
The jihadist groups are reportedly known for publishing nice-looking videos, PDFs, posters as well as other materials in Telegram groups as well as dedicated Instagram and other social media accounts with hashtags for “campaigns” to encourage readers to donate. The entire case even made it to CBSN.
According to the latest cryptocurrency news, donors can buy car bombs for $20,000 as well as rockets for $9,000 with a chance to prepare a fighter for a storming operation for $1,000 in the Syrian militant group Hay’at Tahrir al-Sham (HTS) Telegram group.
#Telegram's updated privacy terms make it unsafe for terrorists – but what about the rest of us? https://t.co/6FDtaJwGvx #infosec #Security #privacy #Terrorists— Eng. Mahmoud Soliman (@EMahmoudSoliman) August 30, 2018
Another popular jihad crowdfunding platform named SadaqaCoins recently published a video shared in a Telegram group, asking for donations like purchasing a bolt action sniper rifle for $4,070 for the terrorists. As many best cryptocurrency news sites noted, it will become worse after the release of Telegram’s TON blockchain.
In light of the new report, MEMRI fears that the release of the TON blockchain will make things more complicated. The TON blockchain is scheduled to launch a public test on September 1st with the full release of both the network and the company’s GRAM token. Now that terrorists collect crypto through Telegram, they may find it easier to do the same in the future.
The Washington-based research institute also noted that counterterrorism officials should be prepared for the surging terrorist activity after the release of TON, MEMRI’s report dubbed “The Coming Storm: Terrorists Using Cryptocurrency” stated.
It seems like terrorists are finding more and more ways to raise money via cryptocurrency.
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“This is a problem that is a little too complicated to be explained in a single sentence, the time span is also large, and the two story development lines are advancing and affecting each other at the same time, leading to the final outcome.”The Chinese exchange Fcoin is now in the cryptonews. After its launch in May, the reported trading volumes became some of the biggest in the world overnight thanks to a new business model called "transaction mining." Later on, one Reddit user reported that this volume was actually fake - which is when the problems started. The exchange was later on described as a scam by many and the suspicions about its business model turned out true. There was no airdrop nor ICO at launch and the Chinese exchange Fcoin distributed 51% of its native tokens to users for reimbursing transaction fees. The CEO of Binance, Changpeng Zhao, has publicly called FCoin a Ponzi scheme since the middle of 2018, commenting on Zhang's post in a tweet which read:
“I rarely called out anyone, with exceptions. On Chinese social media, I called FCoin a pyramid scheme in mid-2018. Their founder calls his own plan a "better invention than #Bitcoin". That did it for me. Who would say such a thing? About themselves? Except scammers.”https://twitter.com/cz_binance/status/1229446449152348161 To this, Zhang replied saying that there have been some errors which the Chinese exchange FCoin detected - but did not explain why it failed to address such problems before it is too late.
‘With the deepening of the investigation, we found a large number of existing data problems of dividends and mining returns, and these problems have existed for many days. As a result, a large number of users have already been through operations such as buying and selling various currencies and withdrawing cash, causing the pollution of assets.”The platform was suspended a few days ago by its own account for risk control, which caused a lot of speculation that the project was shutting down and the operators are vanishing. In the last few sentences on his blog post, however, Zhang said that he will do everything to give back the money to users via email personally - and compensate FCoin user losses with the profits he would make from other projects.
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‘’Unfortunately, we have to notify you with the fact that our exchange was hacked during the night and almost all funds from BTC, ETH, ARRR and VRSC were stolen. A small part of the funds are safe on cold wallets.’’From the announcement, it seems that Altbits had almost all of the funds on the hot wallets despite their major vulnerability to malicious cyber intrusions. The Italian crypto exchange will provide a full report on the lost funds soon and we will be able to see exactly how big of damage the theft made. In the follow-up tweets of the exchange, however, can be seen that the hackers stole 1,066 Komodo tokens and 283,375 Verus coins. This combined the value of both stolen cryptos stands at about $27,000. At press time, Altsbit had a 24-hour trading volume of $14.8 million with 98% of its trading activity coming from the ARRR/BTC pair which is the native token of the pirate Chain. Reacting to the news of the hack, some of the supporters of decentralized exchanges noted the vulnerabilities of the platforms that are centralized. However, centralized platforms still command the grater trading volume as the DEX services have a notoriously hard way of navigating the user interfaces. As for the security situation with centralized crypto exchange platforms, the 2020 crypto crime reports by Chainlink show that the exchanges seem to be better equipped to deal with the hackers. Despite the increase in the number of hack attacks, the blockchain analysis firm explained that the total amount of stolen funds in the hacks declined dramatically from the previous year. One of the important strategies that exchanges use is to limit their hot wallet holdings and this will show any inside involvement since the hackers are less sable to drain the vast crypto sums from vulnerable hot wallets. The North Korean hack group Lazarus, is suspected of being behind most of the crypto exchanges in the Asian Pacific and now it seems that it is changing its attack vectors. The group utilizes phishing malware on popular messaging platforms such as Telegram.
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