Within a recent official major operation carried by the French police arrested 29 people suspected of funding Islamist extremists in Syria employing crypto assets.
In line with a recent report by the ABC News, the operation was an effort to crack a complex scheme of terrorist funding said to have been masterminded by 2 French extremists, residing within northwestern Syria and have still not been apprehended.
The 29 people arrested across France for questioning are suspected of funding terrorist activities as a part of an elaborate financing network.
2 of the 29 are suspected of being key within the cyber-financing system & for offering logistical aid to keep the network – active since last year – and operating.
The network was discovered by Tracfin, a French economy ministry that tracks illicit fraud, terror financing as well as money laundering.
Millions of Euros are suspected to have been offered via the network benefiting members of al-Qaida and therefore the Islamic State group still holding out within the region.
In line with ABC’s report, the network members in France purchased cryptocurrency coupons & transferred the information by encrypted msgs to jihadis in Syria.
The French prosecutor’s office detailed that a score of individuals in France would regularly purchase the coupons worth between €10 to €150 Euros [around $11 USD to $165 USD], which was credited to accounts opened by jihadis abroad & then cashed out on an exchange platform.
France initiated its investigation earlier in January when Tracfin identified the Syrian network.