Opinion: Terrorists are taking advantage of privacy coins — and the anonymity afforded by the web. Government should crack down.
) cryptocurrency donations “because it offers more privacy and safety features than Bitcoin.” Months later, a website that supports the National Socialist Order and spreads violent neo-Nazi propaganda requested donations via Monero, and a neo-Nazi chat group on Telegram posted a guide on how to purchase Monero to the dark web. The neo-Nazi accelerationist group The Base, too, has requested cryptocurrency donations in Monero to facilitate training and unspecified equipment.
Though the U.S. has the most advanced capacity to track and seize cryptocurrencies used for criminal purposes, these and other privacy coins present technical hurdles that no country has yet fully overcome. Their encryption technology renders law enforcement largely blind to who holds privacy coins and to what end they are used, and its users know it.
Congress, however, has yet to create new regulatory frameworks or fund the development of new technological tools to the technical hurdles facing law enforcement that would ensure that the terrorism financing risks emanating from such privacy-enhancing, but transparency-reducing technologies are appropriately mitigated.
In addition to blockchain analysis, officials should contemplate standards for behavior-based transaction monitoring and regulatory requirements for the tech industry to cooperate with law enforcement, given the intertwining use of cryptocurrencies, including privacy coins, with social media, messenger services and crowdfunding platforms. These service providers can and should become part of the first line of defense.
Behavior-based monitoring by exchanges focuses on the actions of wallet holders and recognizes patterns that do not fit the usual behavior of users. If such suspicious patterns occur, they are flagged for further inspections to determine whether risks of money laundering, terrorism financing or other financial crimes occur.
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