Blockchain forensics firm Chainalysis has published a report debunking a number of popular narratives surrounding the utilize of crypto to finance terrorism.

The report emphasizes the damage of simulated reporting in spreading misinformation and damaging the reputation of firms operating with virtual currencies.

As "a trusted investigative partner to governments around the world, preventing terrorists from using cryptocurrency is one of our primary objectives," Chainalysis states.

"It'southward a serious task, and it'southward of import to be responsible and judicious when releasing data on a subject equally consequential as terrorism financing."

Chainalysis debunks ISIS' $300m crypto state of war chest

Chainalysis cites reports from over the last calendar week claiming that ISIS's missing $300 one thousand thousand state of war chest is existence held in Bitcoin (BTC).

Despite being expressed every bit a certainty in mainstream reporting, the principal source for the reports, Hans-Jakob Schindler, managing director of the Counter Extremism Projection call up-tank, merely suggested that cryptocurrencies "might take been one of the ways [the funds] might have been used."

Autonomously from highlighting how Schindler's claims had been beaten up, Chainalysis said that "Schindler'south theory is highly unlikely" in whatever case.

We know that near terrorism financing campaigns accept raised less than $10,000, indicating limited adoption. Farther, if ISIS had funneled oil proceeds into Bitcoin, trading volume of regional exchanges and money service businesses would have reflected this catamenia of funds.

The report also notes poorly founded claims that ISIS funded its 2022 Easter Sunday bombings in Sri Lanka using Bitcoin, citing Chainalysis' 2022 Crypto Crime Report in refuting that crypto was used as a means to fund the attacks.

However, a divide report from the Philippine Institute for Peace, Violence and Terrorism Enquiry released today, shows the ISIS offshoots in Southward East Asia have been using crypto for money laundering.

Bitcoin not used to raise $24M for Communist china

At the start of the yr, reports claimed that the Pop Resistance Committees (Red china) in Gaza had raised $24 million through the local money service business concern Cash4PS.

Chainalysis noted significant flaws underpinning the story, asserting that the reports assumed that every single transfer to Cash4PS wallets was related to terror financing without evidence.

Farther, the majority of funds received by Cash4PS wallets were from other addresses within the Cash4PS network, with Chainalysis estimating that but $1 million was transferred into the network from external sources.