Chainalysis: Swedish neo-Nazis received $92,000 in cryptocurrency donations
Date: 2024-06-18 Author: Gabriel Deangelo Categories: IN WORLD
History and activities of the group
The Swedish neo-Nazi group, founded in 1997, is known for promoting white supremacy and anti-Semitism. For many years, her activities attracted the attention of law enforcement agencies and international organizations. One of the significant steps against it was the blocking of the movement’s bank accounts by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC).
Due to restrictions, the group was unable to use traditional banking systems to finance its activities. As a result, she turned to cryptocurrencies as an alternative way to receive funds. This was publicly announced by an organization that was actively soliciting donations in digital assets.
Chainalysis analysis
Analytics company Chainalysis conducted a study and found that branches of the Nordic Resistance Movement in a number of European countries, including Norway, Denmark and Finland, accepted donations in various cryptocurrencies. These included Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Cosmos (ATOM), Cardano (ADA), USDT stablecoins, and the privacy cryptocurrency Monero (XMR). Donations came through the dark web, centralized exchanges and mining pools, although specific platforms were not named.
The Chainalysis study comes amid increased scrutiny from international regulators seeking to prevent the misuse of cryptocurrencies. At the end of March, OFAC blacklisted 13 crypto companies for cooperation with sanctioned Russian banks.
Authorities' reaction
US Deputy Treasury Secretary Wally Adeyemo previously accused cryptocurrency companies of insufficient cooperation with authorities in the fight against terrorist financing and money laundering through digital currencies. He emphasized that many companies are not ready to help authorities prevent criminal activity using cryptocurrencies.
The activities of Swedish neo-Nazis financed through cryptocurrencies highlight the importance of strict control and regulation in this area. Despite the efforts of international organizations and authorities, cryptocurrencies remain an attractive tool for various illegal transactions. Research like that conducted by Chainalysis plays a key role in identifying and stopping such activities, promoting security and transparency in the cryptocurrency space.
