The terror group ISIS is reportedly trying out a blockchain-based messaging app to escape scrutiny from its enemies.
And chillingly, the use of blockchain could bring with it the ability to transfer cryptocurrency anywhere in the world.
Until a recent law enforcement crackdown, the jihadists used Telegram to spread propaganda and send orders.
But now it appears the extremists are exploring using the anonymous and encrypted BCM app.
“The app’s core features of anonymity, encryption, and large group chat sizes also pose a great risk for adoption,” Brenna Smith, a cryptocrime researcher, wrote in her Cryptosint newsletter last week.
“Extremists covet technologies that can get their message out to thousands all while concealing their identity.”
She added: “A critical aspect of BCM is that it has a cryptocurrency wallet that lets users send, store, and receive Bitcoin and Ethereum — a feature that could easily be abused by extremists.”
After the Telegram purge a couple weeks ago, terrorists are in search of a new online home, and @einfal found that they may be flocking towards a blockchain messaging app.
Find out more in the latest CryptOsint: https://t.co/AfclFtKyg1
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— Brenna T. Smith (@brenna__smith) December 10, 2019
“It’s been widely reported that crypto platforms with no user identification become cesspools for criminal activity.
“Compounded with BCM potentially launching its own exchange platform in the future, what would stop the app from becoming a major hub for terror financing?”
BCM did not comment on the presence of ISIS channels on its platform or whether it would be removing them.
Earlier this month, Coin Rivet reported how crypto mining pools offer terrorists and criminals a golden opportunity to launder cash.
The Royal United Services Institute (RUSI), an independent think tank for international defence and security issues, says cloud-mining companies that take cash for crypto may be helping crooks hide their illicit gains.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.