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Will A New Generation of Terrorists Turn to Bitcoin?

Discussion of malicious cyber activity has mainly focused on criminal activity and countries’ intelligence efforts. Entities other than national governments – particularly terrorist groups – seem to be making their way, if slowly, into the cyber realm through hacking and leaking techniques, and commandeering social media sites. Beyond savvy messaging, terrorist groups remain relatively unsophisticated in disruptive technical attacks. However, terrorist activity is expanding into  the virtual arena. The Cipher Brief’s Levi Maxey spoke with Yaya Fanusie, the director of analysis for the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance, and a former CIA counterterrorism analyst, about the potential adaption in terrorist financing to using the anonymity of such cryptocurrencies as bitcoin.

The Cipher Brief: Is there significant evidence of terrorist groups turning to virtual currencies for funding? Why do you think that is?

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