The post South African Man Granted Bail in Bitcoin Terror Financing Case appeared on BitcoinEthereumNews.com.

A South African man granted bail in Bitcoin terror financing case. Authorities investigate alleged cryptocurrency transactions linked to extremist activities. A South African man accused of financing terrorism using Bitcoin has been granted bail. Ziyadh Hoorzook paid R11,500 in Bitcoin to support members associated with the Islamic State in Syria. The Lichtenburg Magistrates Court established Factual Bail at R30,000 because the prosecution did not demonstrate necessary grounds for detaining the suspect. Magistrate Joshua Lebombo confirmed that Hoorzook did not pose a risk of fleeing the country. The accused volunteered his assistance to investigators during the time before his detention. The legal authorities scheduled the case for a delayed investigation that will proceed on March 3, 2025. Hoorzook was arrested by members of the elite South African unit Hawks on January 3, 2025. The authorities pursued Hoorzook through an extended examination of payments regarding terrorism in cryptocurrency networks. The monitoring of irregular financial systems began with authorities in May 2018. Colonel Philani Nkwalase from Hawks confirmed through agency information that the Financial Intelligence Centre identified suspicious transactions that pointed towards terrorism finance activities. On November 30, 2017, Hoorzook exchanged funds through Bitcoin using the Luno Virtual Asset Service Provider. Hoorzook first sent his bank funds to an account held by Luno and then used those Bitcoin to fund an organization which owned the wallet. Forensic Evidence Links Bitcoin Transactions to Terror Financing Hoorzook maintained that al-Sadaqah group appeared to him as a real charitable organization. An Islamic figure introduced the organization to him through a recommendation that it provided Syrian conflict relief. Al-Sadaqah became marked as a terrorist-linked group at another time since Hoorzook indicated this fact in his testimony. Warrant Officer John Sithole, who leads the investigation, refuted the statements made by Hoorzook. The state prosecutor maintained his belief that…

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Filed under: News - @ January 31, 2025 6:24 pm