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ISIS war chest decimated by Bitcoin crash after terror chiefs invested millions in colla…

23 Nov ISIS war chest decimated by Bitcoin crash after terror chiefs invested millions in colla…

Posted at 11:00h in Cryptocurrency News by

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ISIS’ war chest has been decimated by the Bitcoin crash after terror chiefs invested millions in the collapsing cryptocurrency, an expert has said.

The plunging value of bitcoin and other cryptocurrencies has dropped below $4,500 (£3,498) for the first time in a year hitting terrorists in the wallet.

ISIS' war chest has been decimated by Bitcoin crash after the terror group invested millions

Reuters

ISIS’ war chest has been decimated by Bitcoin crash after the terror group invested millions

Terror groups often use cryptocurrency – a form of digital money that uses encryption to secure transactions – because it is incredibly hard to trace.

But the price of bitcoin plunged 7 percent to $4,387 (£3,432) this week, a loss of 30% and the lowest value it’s been in over a year.

And an ex-CIA analyst believes the crash will give some extremists a financial headache.

Yaya J. Fanusie, the director of analysis for Defense of Democracies’ Center on Sanctions and Illicit Finance, said: “For terrorists, there might be a more long-term aversion to using cryptocurrencies as a…

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