Image for representation purposes only. | Photo credit: Reuters
The latest transactions surveillance monitoring report (TRM), an intelligence company of Blockchain based in San Francisco and recognized by the World Economic Forum, finds links between the Islamic State of the Province of Khorasan (ISKP) and the fundraising networks affiliated to the Islamic State in India. ISKP is a terrorist organization based in Afghanistan which prospered after the withdrawal of the troops by the United States.
The report – TRM Labs 2025 Crypto Crime Crime – was published by the company on February 10. The report focused exclusively on illicit cryptography transactions in 2024. According to the report, compared to 2023, the illicit transaction in the cryptographic world fell 24%.
According to the report, the investigators identified links on the chain between addresses affiliated to ISKP and the collection of clandestine fundraising in India. The chain link is the component of the Chainlink network which works directly on a blockchain. It consists of intelligent contracts that manage data requests and facilitate interactions with out chain oracles.
Use of XMR
The report indicates that the ISKP collected donations using Monero Currency (XMR). “The official media arm of the ISKP launched its conduct of inaugural donations with Monero as a chosen currency. Announced for the first time in Voice of Khorasan magazine, produced by the ISKP media unit, Al-Azaim, calls for donations using Monero have since become a regular event. TRM has identified fundraising campaigns in India by ISKP and other affiliates of ISIS who have requested donations in Monero, “said the report.
The report indicates that ISKP and other terrorist groups currently have a growing preference for Monero Currency because it has confidentiality in the blockchain. On the current market, 1 XMR is valued at 19,017.77 ₹.
The sophisticated confidentiality tool helps hide transactions. However, the report predicted that the organization cannot use the XMR in the long term because it is volatile and faces repressions, but prefer stable cryptocurrencies.
Crypto strategies
The report stressed that in 2024, terrorists and their supporters demonstrated increasing sophistication in their use of cryptocurrency, probably in response to the many arrests that year. As the authorities repressed, these groups adapted their tactics, technical and procedures (TTP) to escape detection.
A notable change was the growing dependence of wallets and cryptocurrency mixers without arrow, which offer improved anonymity. Online forums have become hubs to exchange advice on best practices and the identification of services that offer the highest level of protection. In addition, to bypass your client’s regulations (KYC) imposed by exchanges, individuals have used the use of false identification information, which further complicates the application efforts to follow illicit transactions.
Cryptocurrencies focused on privacy, especially XMR, also drew increased attention. Unlike Bitcoin and other traditional digital assets, advanced XMR confidentiality features make transactions more difficult to trace, making it an attractive option for those looking to obscure financial activities.
Published – March 06, 2025 12:36
