French Authorities Arrest 29 Suspected of Using Crypto to Fund Extremists in Syria

Hundreds of thousands of euros may have been supplied through a secret network benefiting al-Qaida-linked extremists in northwestern Syria.

AccessTimeIconSep 30, 2020 at 11:40 a.m. UTC
Updated Sep 14, 2021 at 10:02 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

In a major operation on Tuesday, French police arrested 29 people suspected of funding Islamist extremists in Syria using cryptocurrency.

  • As reported by ABC News on Wednesday, the operation was an attempt to crack a complex scheme of terrorist funding said to have been masterminded by two French extremists who have been residing in northwestern Syria and have still not been apprehended.
  • The 29 people arrested across France for questioning are suspected of funding terrorist activities as part of an elaborate financing network.
  • Two of the 29 are suspected of being key in the cyber-financing system and for providing logistical aid to keep the network – active since last year – running.
  • The network was discovered by Tracfin, a French economy ministry that tracks fiscal fraud, terror financing and money laundering.
  • Hundreds of thousands of euros are suspected to have been supplied through the network benefiting members of al-Qaida and the Islamic State group still holding out in the region.
  • According to ABC's report, the network members in France purchased cryptocurrency coupons and transferred the details by secure messaging to jihadis in Syria.
  • The French prosecutor's office detailed that a score of people in France would regularly buy the coupons worth between €10 to €150 euros (US$11 to $165), which were credited to accounts opened by jihadis abroad and then cashed out on an exchange platform.
  • France initiated its investigation in January when Tracfin detected the Syrian network.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.