Cryptoyihadist arrested in Barcelona for international crypto-financing of terrorism

by Lorraine Williamson
cryptoyihadist

BARCELONA – The Guardia Civil has successfully apprehended a “cryptoyihadist” in Barcelona, marking a crucial milestone in the fight against terrorism financing through cryptocurrency networks.

The detained individual has been identified as the owner of multiple cryptocurrency addresses. He was allegedly part of an international network funnelling funds in support of the terrorist group DAESH.

The operation, conducted by the Guardia Civil, concluded with the arrest of the suspect in Barcelona. The accused played a pivotal role in managing cryptocurrency addresses operating within three distinct networks. Thus creating a complex web with connections to multiple countries dedicated to raising and channelling funds for DAESH.

Cryptocurrencies

Cryptocurrencies have become an increasingly favoured method for terrorists to solicit and distribute funds. This is demonstrated by the intensification of such activities over the past decade. The outbreak of the COVID-19 pandemic in 2020 served as a catalyst for this new threat to security. Terrorist groups adapted to economic strategies to compensate for restrictions on personal mobility imposed in various countries at the time.

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The Guardia Civil’s Servicio de Información has been at the forefront of investigating these new modes of financial transmission. Their aim is to prevent and detect any potential use for terrorism financing. The sophistication of current funding methods employed by cryptoyihadists poses a severe challenge to security services, highlighting the importance of international cooperation in neutralising these networks.

Investigation

The activities of the network linked to the arrested individual did not go unnoticed by international security services due to their significant economic impact. The investigation witnessed the active participation of renowned agencies, reflecting the gravity of the situation and underscoring the need for continued international collaboration to combat terrorism financing through increasingly sophisticated means.

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