A 16-year-old teenager boy from east London has been charged with multiple terror offenses and this includes fundraising for Al Qaeda through crypto. It is revealed that the boy allegedly offered his expertise in crypto and cyber security online with an aim to support terrorist groups like Al Qaeda and the Pakistani Taliban (TTP).
Earlier, a report by Chainalysis revealed that several sanctioned entities are leveraging crypto for fundraising. In 2023, an estimated $24.2 billion in illicit crypto was transferred to fund them by various wallets.
Teen accused of crypto aid to terror groups
In a hearing at Westminster Magistrates Court, the teen, who cannot be named due to his age, has been charged with terrorist fundraising, terror training, and possession of documents useful to terrorists. However, he pleaded not guilty to five charges. Chief Magistrate Paul Goldspring has sent the case to the Old Bailey for further hearings.
It is claimed that he raised approximately $1,300 in crypto for the group. The charge other than terrorist fundraising is holding possession of documents that may aid terrorist activities. Prosecutor Lee Ingham stated that the boy is accused of being ideologically supportive of terrorist groups and he allegedly presented himself as a crypto and cybersecurity expert to them.
The London teen has been released on bail with strict conditions which impose a nighttime curfew, a ban on social media, and limited laptop use for educational purposes only. Meanwhile, he still can use his PlayStation but not for online gaming or communication.
A report suggests that he is scheduled to appear at the Old Bailey on November 2, where further hearings in the case will be addressed.
Terror groups ramp up crypto use
A Chainalysis report had revealed that entities linked to North Korean hacking groups and US designated terrorist organizations, like Hezbollah, are increasingly using crypto for fundraising.Â
According to its 2024 Crypto Crime Report, $24.2 billion in illicit crypto was transferred in 2023. It is a decline recorded from the previous year as 61.5% of these funds were tied to sanctioned or terrorist-linked recipients.
The report named players like the crypto mixer Tornado Cash and Russian exchange Garantex responsible for a share of these illegal transactions. Tornado Cash has already been sanctioned in August 2022 for laundering crypto stolen by the Lazarus Group. On the other hand, Garantex faced sanctions for connections to ransomware actors.
