As a seasoned crypto investor who has closely followed the evolution of digital currencies and their potential uses in conflict zones, I find the latest report by Chainalysis regarding Hay’at Tahrir al-Sham (HTS) both intriguing and concerning.
According to a recent study by Chainalysis, it appears that Hay’at Tahrir al-Sham (HTS) received more cryptocurrency contributions prior to their successful takeover against the government of Assad during the Syrian Civil War.
Multiple groups involved in conflicts have dabbled in or had indirect ties to the cryptocurrency world, yet HTS stands out as an unusual exception.
Crypto in The Syrian Civil War
Today, Chainalysis, a company specializing in blockchain analysis, released a report revealing an observable surge in cryptocurrency donations on November 27 – a day marking the start of HTS’s latest offensive in the Syrian Civil War. In simpler terms, they found that HTS received more crypto donations when it launched its new military campaign in Syria on that specific date.
These contributions persisted during HTS’ rapid offensive, which swiftly brought down Assad’s administration.
The initial report stated that one campaign obtained its first contribution in late October and amassed a total of seven contributions before the 27th. Since then, it has garnered more than 30 additional contributions. Meanwhile, another campaign started collecting funds following the offensive’s commencement and has also received over 30 donations.
For quite some time during the Syrian Civil War, it’s been common to see anonymous donations made through cryptocurrencies. Notably, the group known as ISIS (Islamic State in Iraq and Syria) actively sought crypto donations prior to their defeat on the battlefield.
These types of actions have often been utilized as a motif in the drafting of anti-cryptocurrency laws, and U.S. Senator Elizabeth Warren is particularly vigilant about examining them.
Nevertheless, Hidden Treasure Securities (HTS) has had less visibility in crypto solicitation activities, even though it has been involved since at least 2021. Based on Chainalysis’ statistics, HTS utilized a complex laundering method, which makes pinpointing the precise funds received challenging.
Furthermore, Chainalysis noted that it’s uncertain if this group will continue to engage in the cryptocurrency sector. They suggested that due to Assad’s stronger position, he might be more likely to participate in this space.
As a crypto investor, I hail from a nation that boasts robust economic relationships with Russia and Iran – two countries that have recently shown significant curiosity towards the cryptocurrency space. Remarkably, both nations voiced their support for cryptocurrencies during the most recent BRICS Summit.
Nevertheless, HTS emerged victorious against Assad during the Syrian Civil War, making it highly improbable for them to maintain friendly ties with either of the nations involved.
Essentially, Chainalysis’ findings indicate that it’s uncertain if more people will engage with cryptocurrencies. While regional turmoil and high inflation could lead to increased private usage, similar to nearby Lebanon, it’s not expected that crypto will become a major concern for the HTS.
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2024-12-13 03:10