Will A New Generation of Terrorists Turn to Bitcoin?

Posted: June 11th, 2017

By Yaya Fanusie

Yaya J. Fanusie is the director of analysis for the Foundation for Defense of Democracies' Center on Sanctions and Illicit Finance (CSIF). Yaya spent seven years as both an economic and counterterrorism analyst in the CIA, where he regularly briefed White House-level policy makers, U.S. military personnel, and federal law enforcement. In 2008, he personally briefed President George W. Bush on terrorism threats, and in 2009, he spent three months in Afghanistan providing analytic support to senior military officials. After government service, Yaya worked with a small consulting firm where he led a team of analysts working on a multi-billion-dollar recovery effort involving a global corruption ring. Most recently, he has operated his own consulting practice training firms specializing in strategic analysis and business due-diligence. Yaya received an MA in International Affairs from Columbia University's School of International and Public Affairs and a BA in Economics from UC Berkeley.

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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