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ZebPay security partner Chainalysis helps US Department of Justice take down terrorism financing campaigns

ZebPay is proud to partner with global blockchain security leader Chainalysis to provide us with blockchain data, analysis, and insight so we can ensure that ZebPay members’ transactions happen accurately and fairly.

This week Chainalysis made headlines for helping fight terrorism financing campaigns by Al Qaeda using the same basic technology they use to protect ZebPay members. It’s a fascinating story of fighting terrorism with blockchain technology and smart detective work:

Today, the U.S. Department of Justice (DOJ) announced the disruption of two terrorism financing campaigns that utilized cryptocurrency donations (and a third that didn’t), following a multi-agency investigation conducted by the FBI, HSI, and IRS-CI…

We’re proud to say that Chainalysis tools aided in the investigation of the two campaigns relying on cryptocurrency donations. One of these campaigns was carried out by al-Qaeda and affiliated terror groups, while the other was carried out by the al-Qassam Brigades, the military arm of Hamas and a designated terror organization in most Western countries. Al-Qaeda specifically relied on BitcoinTransfer, a cryptocurrency exchange based in Idlib, Syria that has facilitated several other financing campaigns associated with the group…

Like any payment technology, cryptocurrency can be used for good or bad purposes, for terrorist financing or fighting poverty and inequality, which is ZebPay’s mission. This story is an example of how blockchain security can actually help investigators fight crime and protect public safety.

These cases show that the financial facilitators and infrastructure that terrorist groups have traditionally used to move money, such as unlicensed MSBs and hawala networks, have begun to adopt cryptocurrency. Blockchain analysis enables further investigation into the donation campaigns that terrorist groups conduct on social media, as well as the larger underlying financial networks that facilitate their operations...

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