The Tron blockchain has surpassed Bitcoin in popularity among terror groups Hezbollah and Hamas, according to a recent analysis by Reuters. The number of Tron (TRX) wallets seized has seen a significant increase since 2021, while the number of Bitcoin (BTC) wallets seized has declined. Both Hezbollah and Hamas are designated as terror groups by the US and the UK. The rise in popularity of these groups comes after the recent attack on Israel by Hamas, which led to Israel invading Palestine with the support of Western countries. Lebanon-based Hezbollah has expressed support for Hamas and is taking advantage of the situation to launch new attacks. In response, the US government has imposed financial sanctions on these groups, resulting in the banning and blacklisting of hundreds of crypto wallets and exchange accounts. Cryptocurrencies have become a means for these terror groups to finance their activities. Following the announcement of the sanctions, major crypto exchanges like Binance and Coinbase suspended hundreds of accounts linked to these groups. The analysis by Reuters reveals that Israel has made 87 seizures from Tron wallets this year, with two-thirds of the total seizures occurring since 2021. Of these seizures, 39 were owned by Hezbollah and 26 were connected to Hamas. The analyst attributes the groups’ preference for the Tron blockchain to its faster speeds and lower transaction costs compared to Bitcoin. Additionally, increased regulatory scrutiny of the Bitcoin network has pushed these groups towards alternative projects like Tron. Iran, which has indirectly supported Hamas, has also used Tron in the past to evade US sanctions, completing $8 billion in transactions between 2018 and 2022. A spokesperson for Tron has defended the project, stating that it cannot control the use of its technology and that it can be used for various legitimate purposes. The Tron blockchain, along with other blockchains, aims to revolutionize the financial industry and provide solutions for refugees and victims of catastrophes, such as terror attacks, by facilitating access to financial aid.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇱🇧 🇮🇱 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Mriganka Pattnaik |
| Companies | Binance, Reuters, Hezbollah, Hamas, Tron |
| Currencies | Bitcoin, TRON |
| Securities | None |
