5 days ago
Nigerian Jihadi Group Boko Haram Uses Cryptocurrency To Launder Funds, Finance Terror Attacks
Nigeria-based Sunni jihadi group Boko Haram is reportedly using cryptocurrency and digital platforms to transfer millions of dollars in ransoms and extorted donations, from both local and international sources. The cryptocurrency is reportedly used to fund operations and logistics for the group's attacks.[1]
According to the African Defense Forum, a security affairs journal published by the U.S. African Command, the anonymity afforded by cryptocurrency, and the overall lack of regulation, has allowed Boko Haram "unwitting accomplices, including nongovernmental organizations, to trade currencies on its behalf, effectively laundering its money through innocent parties." Cryptocurrency traders may have no knowledge that they are assisting terrorist groups like Boko Haram, it said. Six Nigerians were convicted in the United Arab Emirates in 2020 for using cryptocurrency to transfer over $780,000 to Boko Haram.
