Chainalysis: Syrian rebels transferred a record amount of cryptocurrency

According to a new report by Chainalysis, the rebel military coalition Hayat Tahrir al-Sham (HTS) has received significant cryptocurrency donations during the war in Syria. This helped it in its fight against the government of Bashar al-Assad. The transactions that took place on November 27 during the new offensive became an important part of the financing of the fighting. They contributed not only to material support but also to strengthening the group.

Experts say that cryptocurrencies have been actively used in Syria for several years to finance various militant factions. Among them are not only HTS, but also other groups, including ISIS. It actively involved digital assets in its financing before its defeat. According to Chainalysis, the groups not only raised funds but also developed sophisticated money laundering schemes. This makes it difficult to determine the exact amounts of funds received.

Such donations have reportedly become a serious challenge for regulators, particularly in the United States. Thus, Washington is actively discussing the use of cryptocurrencies by armed groups. This is how they circumvent international sanctions and continue to finance their operations.

As a reminder, analytical company Chainalysis has published a report on cryptocurrency crime for 2024, according to which the crypto industry continues to suffer from cybercrime. Thus, in 2023, darknet markets made a profit of at least $ 1.7 billion, which is more than in 2022, when the authorities closed the world’s largest darknet market Hydra.