Tron Network Identified as Top Choice for Militant Groups in Crypto Transfers Surpassed Bitcoin

The post Tron Network Identified as Top Choice for Militant Groups in Crypto Transfers Surpassed Bitcoin appeared first on Coinpedia Fintech News

Israeli security agencies have flagged the Tron network as the go-to platform for militant groups involved in crypto transfers, particularly linked to organizations like Hamas and Hezbollah.

Tron Surpasses Bitcoin

In the ongoing battle against the financing of Iran-backed militant groups, Tron has emerged as a significant player, surpassing Bitcoin in terms of transaction speed and cost-effectiveness.

Meanwhile, the Tron network has become the favored choice for crypto transfers associated with organizations labeled as terror groups by Israel, the United States, and other nations.

Tron Wallets Linked

Earlier, Israel’s National Bureau of Counter-Terrorism Financing (NBCTF) took action, freezing 143 Tron wallets between July 2021 and October 2023, believed to be associated with “designated terrorist organizations” or used for “serious terrorist crimes.” 

Meanwhile, this year alone, Israel seized 87 Tron wallets, including 39 wallets that Israel said in June belonged to Lebanese Hezbollah and 26 it said in July belonged to Palestinian Islamic Jihad ally Hamas, which joined in the attack on Israel.

In a significant move in October 2023, the Israeli Police Cyber Unit, in collaboration with national intelligence agencies, successfully froze cryptocurrency accounts used by Hamas. 

Binance played a pivotal role, cooperating with Israeli authorities to search and close terrorist accounts, with the seized funds earmarked for transfer to the state treasury, as reported by Coinpedia News.

Tron PR Representative Reply 

In response to the news, Hayward Wong, a spokesperson for Tron, addressed the situation, acknowledging that all technologies could theoretically be used for questionable activities. 

He cited the example of U.S. dollars being used for money laundering. Wong emphasized that Tron lacks control over users and is not linked to the groups identified by Israel.

However, the extent to which Tron’s developers and organizations can be held accountable for the network’s use in illicit financing remains a concern, with many authorities potentially lacking a full understanding of the situation.