Right-wing extremist groups have made millions in bitcoins

Image of the article titled Alt-Right Leaders Make Millions of Bitcoin, New Study Shows

Photo: Chris McGrath (Getty Images)

Even hardcore investors will likely admit that the cryptocurrency community tends to attract some weird personalities; cyber criminalsAnd crooks, And Elon Musk, for beginners. Now, it looks like we can add white supremacists to that list as well; New study The Southern Poverty Law Center investigated the cryptocurrency transactions of some of the most ferocious extremists around the world and found that they have amassed tens of millions of dollars in currency over the past decade.

The study tracked blockchain transactions from hundreds of crypto addresses associated with white supremacy and other names known among the far right and found that many prominent figures — such as Don Black, for example, who founded the notorious neo-nazi haven Stormfront—I got on the crypto-hype train relatively early. The research found that the first BlackBerry transaction took place in mid-2014, when the price of one asset was Under $850. Today, this price Closer to $48000.

According to this analysis, the first known figure to buy large amounts of Bitcoin was Greg Johnson, editor-in-chief of the far-right publishing house Counter-Currents.. This person, for context, has sufficiently despicable views of Norwegian officials Arrested Johnson when he traveled to the country in 2019 to speak at the White Defenders conference. Intelligence officials at the time were (rightly!) concerned about Johnson’s opinions, especially his outspoken respect for them Anders BreivikHe stated that deporting Johnson to the United States would be the safest step.

The center discovered that Johnson was getting his hands on his first crypto asset – 29.82 Bitcoin – at the beginning of 2012. At the time, every asset was worth About $5.50 each, which means Johnson initially invested about $164. Since then, as the report notes, “Bitcoin has flipped from that first transaction and additional transactions to more than $800,000 in value, thanks in large part to countercurrent crypto donations.” I asked the readers of the far-right cloth.

in a telegram message That the center was able to track down, Johnson noted that he was not openly cashing in bitcoin until his readers became wealthy.

“It’s about having money that you can travel with, that bad people can’t take over/inflate it, and that will allow you to live in a safer white neighborhood and have a family,” Johnson wrote.

“It is up to you guys to tell your friends and family about Bitcoin as well. Even if they are skeptical, they should see that you are excited about it because frequent exposure to new ideas is how they are accepted. So be the annoying Bitcoin guy at social gatherings.”

It’s a point that highlights that the adoption of cryptocurrency among far-right figures – at least early on – was not so much driven by finance as it was by philosophy. in a Interview With NBC News, Megan Squire, senior fellow at the center and co-author of the report, noted that there is a “very strong libertarian streak that runs across the far right,” and the fact that bitcoin relies on a decentralized ledger rather than a central bank holding specific call for them.

Lump in the fact that the bulk of these figures tout historically exposed Antisemitic tropes about the Jewish people’s control of the world’s financial systems, as well as… sYou can understand why bitcoin became their starting point so early on.

Over time, the transformation of these numbers into Bitcoin has become a matter of practical application; Mainstream digital payment companies such as Paypal and Stripe famous Cut the relationships With prominent institutions on the far right. So when it’s a hate group trying to raise money in 2021, Opportunities are or choices are You will use encryption to do this.

Johnson may have been the first to participate in the crypto party among the 600 bitcoin wallets tracked by the center, but he was far from the richest. This honor goes to Stefan Molyneux, who opened his first Bitcoin wallet almost a year after Johnson did the same. over time, the center’s analysis estimates that it has Assets swelled to a net worth of $3.28 million, thanks in large part to Crypto donations that are now the norm among fringe circles. The report states that donors have given Molino a massive 1,250 bitcoin tokens since he first opened his wallet. The actual value of these assets is always It will be in constant flux Because, well, it’s cryptocurrency, but according to today’s numbers, that number is equivalent to $60.3 Million dollar.

While the center has been tracking some of these governors for years — The Washington Post first mentioned Based on this effort in 2017, the crypto community at large appears to be completely ignoring the fact that the coin has been contained by known extremists. As cryptocurrency analyst David Gerrard told the Center:

Bitcoin started with right-wing libertarians. This is not at all meant to be a neo-Nazi subculture. However, there are a larger percentage of Nazis out there than you would expect just by chance, and the Bitcoin subculture doesn’t even bother to drive out Nazis.

Bitcoin dealers will simultaneously deny that they have Nazis (which they remarkably do), also claim that it is an anti-Bitcoin lie, and also claim that it is good that anyone can use Bitcoin.

And if you’re wondering if old-school white supremacists can keep up with the changing era, the SPLC notes that former KKK imperial magician David Duke has found a home in the Odysee,”a Blockchain themed video site” where Banners can be replaced internal currency.

To be sure, these numbers may not be able to use Bitcoin for much longer. Coinbase, for example, started delete accounts of users caught donating to far-right accounts, such as those known to belong to the Daily Stormer. While Coinbase is definitely not the only exchange, it certainly is one of The biggest names in the US, and could pave the way for other exchanges looking to expel far-right figures from their networks. After all, if we can’t stop these scammers from hoarding Bitcoin, the least we can do is cut off their donors.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button