ISIS seeking new funding sources as Bitcoin loses value

Sara Wahid

The Bitcoin saw its highest devaluation on March 13, having been one of the strongest cryptocurrencies in the world. The value of the Bitcoin dropped to $4,000, but then made a slight rise. This coincided with the collapse of the American Stock Exchange.

The Bitcoin has been losing value for two years now. This came at a time terrorist organizations, including the Islamic State group, increased dependence on this currency. This caused ISIS to turn to other financing sources.

On November 20, U.S. Assistant Treasury Secretary for Terrorist Financing, Marshall Billingslea, expected ISIS to decentralize it financing operations.

The organization, he said, would most likely ask its branches to depend on themselves as far as financing is concerned.

Billingslea expected ISIS to depend more in the coming period on kidnappings, theft and blackmail to bankroll its activities.

Kidnappings, ransom, blackmail

ISIS has apparently started applying a new strategy to finance its operations.

In February, the terrorist organization started intensifying its  attacks in West Africa and in the African Sahel region, especially in Nigeria an Niger.

It staged an attack in the northern Nigerian Borno State, killing more than 30 people. ISIS terrorists also kidnapped over 40 women and children from the state. It demanded ransom for releasing them.

In August last year, the organization kidnapped over 50 people, including pregnant women and children, from a village in western Nigeria and demanded ransom for releasing them.

On February 19, ISIS Syria kidnapped a number of people and demanded ransom for their release, according to the Syrian Observatory for Human Rights.

It said the terrorists did not release these Syrian citizens before receiving $10,000 from their relatives.

Theft of sheep

ISIS has also started depending on the theft of sheep and cows to bankroll its operations.

On January 30, ISIS terrorists burglarized homes in the northeastern Syrian province of al-Hasakah, in cooperation with factions allied to Turkey, the Syrian Observatory for Human Rights said.

It added that ISIS terrorists had demolished the same homes in order to get the wood used in their construction to sell it.