A subcommittee of the US Congress is investigating whether local extremists turn to cryptocurrency as a source of funding for their activities.

On February 25, the Subcommittee on National Security, International Development and Monetary Policy will hold a hearing on “Dollars against Democracy: Financing Domestic Terrorism after the Rebellion.” The committee’s memorandum before the hearing said that “with increased control from traditional banks and payment platforms, extremists are turning to cryptocurrency requests.”

The memo combines cryptocurrencies with other potential ways to fund illegal activities, including crowdfunding, charities and social media platforms. Two major events were used to indicate that the cryptocurrency could help fund the Capitol Rebellion.

In particular, on December 8, a French extremist committed suicide and sent 28.15 bitcoins (at the time of the conversion they were valued at $ 522,000) to 22 addresses, many of which belonged to well-known right-wing extremist activists and internet figures.

More than $ 250,000 in bitcoin was donated to activist Nick Fuentes, who was found to be on the Capitol during the uprising, although he directly denies entering the building.

Another source mentioned in the note is a live broadcast of the Capitol protest on the Dlive video streaming platform, where the operator was advised on the cryptocurrency for almost $ 222. According to the document, the platform has paid the extremists “hundreds of thousands of dollars since its inception.” The platform was acquired through the BitTorrent peer-to-peer file-sharing service, which in turn is owned by the Tron Foundation.

However, the memo admits that the two incidents are evidence of circumstances, and that “it is not known whether funds from these or other bitcoin transfers were used in the planning and holding of the Trump meeting on January 6 or the subsequent Capitol mutiny.”

The Commission believes that with the increase in traditional funding for reporting suspicious activity, it is likely that future rebels will resort to unconventional methods of funding their activities. She added that “some of the arrests related to the January 6 attack” were successful thanks to the reporting methods used by banks and other organized financial institutions.

The story of “the criminal oasis of cryptocurrency” is still very popular today.

Bitcoin influencer Pierre Rochard responded on Twitter to the note: “Almost all domestic terrorism happened before the invention of Bitcoin. Domestic terrorism is financed in US dollars. ”

A cryptocurrency investor called “The Crypto Monk” said that even Pokemon cards would be better for payment than bitcoins because of the cryptocurrency’s ability to track funds.

Source: CoinTelegraph