The post Critic: Chainalysis Backtracks Previous Claims of $450K Terrorism Funding appeared on BitcoinEthereumNews.com.

An X user alleged the existence of contradictions in Chainalysis’ assessment of the crypto terrorism financing narrative. Chainalysis’ Head of Sanctions Strategy noted that crypto is not a suitable medium for terrorists to move funds. Chinalysis representative stated the previous $450k figure did not constitute a comprehensive assessment of crypto funds related to any terrorism financing. Recently, X user “Cryptadamist,” with a notable following on the platform, highlighted alleged contradictions regarding the value of crypto funds in terrorism financing, which blockchain analysis firm Chainalysis had earlier reported. The X user first recalled when Bitcoin maximalist Nic Carter and other notable figures in the crypto community emphatically asserted that Chainalysis had proved the existence of a mere $450,000 in terrorist financing. According to Cryptadamist, the analysis firm itself is currently disputing the $450,000. The critic arrived at the claim following a recent podcast featuring the Head of Sanctions Strategy at Chainalysis, Andrew Fierman. In the podcast, the host, Laura Shin, asked Fierman to elaborate on Chainalysis research that corrected the claims that terrorists received multi-million dollars in crypto to fund their activities. Part of Fierman’s response was that crypto is not a suitable medium for terrorists to move funds. Fierman highlighted that the bad actors understood that all crypto transactions are traceable to the last recipient. As a result, they ordinarily would seek to avoid being tracked, as the public could tell the entities they collaborate with. In response to an inquiry about how Chainalysis arrived at $450,000, Fierman clarified that the amount was an illustrative example tied explicitly to a seizure order. He mentioned that Chainalysis tracked the movement of funds from that associated wallet to other entities. Furthermore, the Chainalysis representative mentioned that the example did not constitute a comprehensive assessment of how much crypto Hamas or any other…

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Filed under: News - @ November 16, 2023 1:26 am