Twitter | Search | |
Chainalysis
THREAD: Misinformation is circulating about the size and scope of a terrorism fundraising campaign run by Popular Resistance Committees (PRC) in Gaza. We’d like to make some clarifications.
Reply Retweet Like More
Chainalysis Jan 21
Replying to @chainalysis
For context, researchers from the International Institution for Counter-Terrorism (ICT) recently issued a report discussing the activity of a Bitcoin address associated with Cash4PS, a money service business based in Gaza, and its ties to PRC:
Reply Retweet Like
Chainalysis Jan 21
Replying to @chainalysis
ICT correctly notes that “one cannot determine whether the transactions that passed through the wallet were terror finance or legitimate financial services.”
Reply Retweet Like
Chainalysis Jan 21
Replying to @chainalysis
However, reports are circulating that assume all transactions associated with Cash4PS spanning back to 2015 are contributing to PRC. This is an incorrect assumption. Let’s break it down.
Reply Retweet Like
Chainalysis Jan 21
Replying to @chainalysis
First, let’s address how Cash4PS uses Bitcoin and how much they’ve received. Cash4PS is unusual in that the service only uses a single address: 1LaNXgq2ctDEa4fTha6PTo8sucqzieQctq
Reply Retweet Like
Chainalysis Jan 21
Replying to @chainalysis
But using Chainalysis Reactor, we see that of that 3370 BTC, only 882 BTC were received from users on the outside. The remaining 2488 BTC were internal transfers. Cash4PS received a total of just under $1M USD (per the value of BTC at the time of each transaction), not $23.8M.
Reply Retweet Like
Chainalysis Jan 21
Replying to @chainalysis
Using Chainalysis Reactor, we see this address has been trading funds since October 6 2015, years before PRC began its campaign. It also shows most activity was long before 2019. Not all 882 BTC received by Cash4PS in its lifetime were donations to PRC.
Reply Retweet Like
Chainalysis Jan 21
Replying to @chainalysis
It’s important to be responsible when releasing info on a subject as serious as terrorism financing. We aren’t defending Cash4PS, but clarifying the facts. We don’t know exactly how much money, if any, PRC raised through Cash4PS. If any was raised, it was substantially <$23.8M
Reply Retweet Like
Chainalysis Jan 21
Replying to @chainalysis
Note: While PRC is not a designated terrorist group by the US State or Treasury Departments, press reporting indicates they may be associated with terrorist activity (e.g. )
Reply Retweet Like