Bitcoin Accounts for less than 1% of ISIL Funding

As told by Russian president Vladimir Putin on national television, the majority of the funding received by ISIL militants come from:

  1. Donations from rich political leaders in the Islamic state.
  2. Oil reserves

Putin and established financial institutions claim that the oil reserves of ISIL generate around US$500 million annually.

“According to U.S. Department of the Treasury officials and data they released in the wake of the Paris mayhem, the terrorist group is actually taking in $500 million from oil a year,” reported Bloomberg.

The purchases of ISIL oil reserves and the donations from its supporters are kept in Gold Dinar, one of the three main currencies used by ISIL militants. The others include silver dirhams and copper coins.

According to Ghost Security Group and the European Union Institute for Security Studies, ISIL militants receive a small portion of Sadaqa (private donations from global supporters) through bitcoin. However, it accounts to less than 1% of ISIS funds.

“We do believe that ISIS recently — when I mean recently, I mean in the three or four last months — started to use Deep Web and cryptocurrency as a tool for their funding, recruitment, and propaganda. We do not know if they are using any other for

Read more ... source: TheBitcoinNews