Terror outfits’ crypto fundraising networks found in India: US blockchain intelligence

The latest report by the Transaction Monitoring (TRM) Labs, a blockchain intelligence company based in San Francisco and recognised by the World Economic Forum, finds links between the Islamic State Khorasan Province (ISKP) and ISIS-affiliated fundraising networks in India. ISKP is an Afghanistan-based terror organisation that flourished after the withdrawal of troops by the United States.

The report - TRM Labs 2025 Crypto Crime Report - was put out by the company on February 10. The report exclusively focused on illicit crypto transactions in 2024. According to the report, compared to 2023, the illicit transaction in the crypto world has come down by 24%.

According to the report, the investigators have identified on-chain links between ISKP-affiliated addresses and clandestine fundraising campaigns in India. The on-chain link is the component of the Chainlink network that functions directly on a blockchain. It consists of smart contracts that handle data requests and facilitate interactions with off-chain oracles.

The latest report by the Transaction Monitoring (TRM) Labs, a blockchain intelligence company based in San Francisco and recognised by the World Economic Forum, finds links between the Islamic State Khorasan Province (ISKP) and ISIS-affiliated fundraising networks in India. ISKP is an Afghanistan-based terror organisation that flourished after the withdrawal of troops by the United States.

The report - TRM Labs 2025 Crypto Crime Report - was put out by the company on February 10. The report exclusively focused on illicit crypto transactions in 2024. According to the report, compared to 2023, the illicit transaction in the crypto world has come down by 24%.

According to the report, the investigators have identified on-chain links between ISKP-affiliated addresses and clandestine fundraising campaigns in India. The on-chain link is the component of the Chainlink network that functions directly on a blockchain. It consists of smart contracts that handle data requests and facilitate interactions with off-chain oracles.Use of XMR

The report states that the ISKP collected donations using Monero currency (XMR). “ISKP’s official media arm launched its inaugural donation drive with Monero as the chosen currency. First announced in the magazine Voice of Khorasan, produced by ISKP’s media unit, al-Azaim, calls for donations using Monero have since become a regular occurrence. TRM has identified fundraising campaigns in India by ISKP and other ISIS affiliates that have solicited donations in Monero,” the report said.

The report said that ISKP and other terror groups currently have a growing preference for Monero currency as it has privacy in the blockchain. In the current market, 1 XMR is valued at ₹19,017.77.

The sophisticated privacy tool helps hide the transactions. However, the report predicted that the organisation may not in the long run use XMR as it is volatile and faces crackdowns but prefer stable cryptocurrencies.

Source: The Hindu