Tron Overtakes BTC in Transactions Linked to Terrorist Funding

  • Tron has emerged as the preferred network for terrorist funding activity, according to a Reuters report.
  • Between July 2021 and October 2023, the National Bureau for Counter Terror Financing froze 143 wallets.
  • TRX was down 2.34% at press time and was changing hands at $0.1061.

The Tron Network (TRON) has emerged as the go-to network for Iran-backed militant groups, including  Hamas, according to a Reuters report. Tron has overtaken Bitcoin (BTC) as a platform for transfers associated with groups designated as terror organizations by Israel, the U.S., and other countries, according to Reuters interviews with seven financial crimes experts and blockchain investigations specialists.

“Earlier it was Bitcoin and now our data shows that these terrorist organizations tend to increasingly favor Tron,” said Mriganka Pattnaik, the CEO of New York-based blockchain Analysis firm Merkle Science. Pattnaik listed Tron’s superior transaction times, low fees, and stability as potential reasons it is favored over other blockchain networks.

Furthermore, Reuters Analysis found that Israel’s National Bureau for Counter Terror Financing (NBCTF) froze 143 Tron wallets between July 2021 and October 2023. It was believed that these wallets were either connected to a  “designated terrorist organization” or were used for a “severe terror crime.”

The investigation into Hamas’ financing was triggered by the 1,200 Israeli deaths brought on by the Hamas attack that started on October 7, 2023. A spokesperson for Tron, Hayward Wong, replied to the theory that Tron is linked to terrorism financing.

In an interview with Reuters, he said that all technologies could “in theory be used for questionable activities.” He also went on to highlight the fact that the U.S. dollar is involved in money laundering activities as an example.

At press time, Tron’s native token, TRX, was down 2.34%. Subsequently, the altcoin was changing hands at $0.1061 at press time, according to CoinMarketCap. Despite this 24-hour loss, the cryptocurrency’s weekly performance remained in the green at +2.22%.

Although this drop in price could be the result of Tron’s alleged link to terrorism, it may also be the result of the market-wide selloff that took place over the past 24 hours.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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