Illegal uses of Virtual currency has seen as the major concern by regulators these days and time to time wrong projection of news by major media channels leads to FUD against their usage. But as the case bitcoin or cryptocurrencies alone cannot be used for criminal activities until they have support from existing banking infrastructure.
According to sources, a Pakistani-American woman called, Zoobia Shahnaz admitted the fraud of funding Bitcoins to terror group ISIS. Zoobia, aged 27 is a medical technician who got arrested in July 2017 by the Joint Terrorism Task Force (JTTF). She has admitted before Joanna Seybert, a judge in the Central Islip Federal Court in New York State on Monday. Shahnaz got arrested when she was about to flee the US for Pakistan and following Pakistan to Syria via Turkey.
Reports claimed that the Shahnaz caught financing ISIS through fronts in China, Pakistan, and Turkey in Bitcoin and other cryptos. An agreement with authorities revealed that she dodged credit and loan funds to convert it into bitcoin and cryptocurrency – these cryptos would later send to ISIS (Islamic State of Iraq and al-Sham).
As reported by NDTV, the officials said;
While she was sending money to the ISIS, she was also looking up its propaganda “at various violent jihad-related websites and message boards, and social media and messaging pages of known ISIS recruiters, facilitators and financiers”
She was in jail since December 2017 for supporting the global terrorist organization. Reports also revealed that Shahnaz deceives various banks including Chase Bank, American Express, TD Bank to procure the loan of US $22500 and succeeded to obtain six credit cards. Using the obtained credit cards, she managed to get USD $62,703 in bitcoin and other cryptocurrencies – later on, she used these cryptocurrencies to convert into US dollar.
William Sweeney, the Federal Bureau of Investigation Assistant Director-in-Charge said;
“In the interest of empowering and enriching a terrorist organisation whose aim is to harm America, Zoobia Shahnaz turned her back on her country and her fellow citizens,”
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