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Terrorist organizations tend to increasingly favor Tron: Reuters report

  • Tron has overtaken Bitcoin in terrorist financing, according to a report by Reuters. 
  • Tron is quicker and cheaper than the largest cryptocurrency BTC, terrorists thereby favor TRX. 
  • Reuters’ analysis of crypto seizures by Israel’s security services since 2021 reveals the shift from Bitcoin to Tron.
Terrorist organizations tend to increasingly favor Tron: Reuters report
Ekta MouryaEkta MouryaFXStreet

Tron (TRX), the token of a blockchain platform with smart contract capabilities, has been identified as the cryptocurrency being used for terror financing. Reuters identified Tron’s increasing relevance among terrorist organizations since 2021 in its latest report. 

Also read: Bitcoin price gains might be sustainable with declining stablecoin dominance

Tron overtakes Bitcoin in terror financing

According to a November 27 report by Reuters, Israel’s fight against the funding of an Iran-backed militant group has identified a new front. Israel’s security services have identified the altcoin Tron as an asset being used to make crypto transfers associated with terror groups. 

Transactions on Tron are quicker and cheaper in comparison to Bitcoin. TRX has been linked with crypto transfers by terror organizations identified by seven financial crime experts from Israel, the United States, and other countries’ blockchain investigations specialists. 

Reuters analyzed crypto seizures by the Israeli security services, starting 2021, and noted there has been a sharp rise in Tron wallets and a decline in Bitcoin wallet seizures, reflecting the emergence of a new trend in terror financing. 

Israel’s National Bureau for Counter Terror Financing (NBCTF) froze 143 Tron wallets between July 2021 and October 2023. Reuters believes these wallets are linked with terrorist organizations or used for “severe terror crimes.”

At the time of writing, Tron price is $0.1042 on Binance. The asset yielded nearly 12% gains for holders in the past month. Tron price remained largely unchanged in the past week.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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