As their violent, anti-democracy threat grows, far-right groups here and world wide are having to get creative on their tactics, communication / social media, and means of funding. The far-right's use of certain social media like Telegram, Gab, 8chan and other fascist-friendly platforms are making it more difficult for law enforcement to track their thoughts and plans. The same is occurring in the financial realm.
New reporting from the Associated Press indicates that as far as raising money for right-wing extremist causes, cryptocurrencies have become the new, nearly untraceable form of financing for the activities of far-right white supremacist hate groups. Their anti-Semitic, neo-Nazi beliefs dovetail with using cryptocurrencies, too:
"As one white nationalist cryptocurrency guide circulating on Telegram puts it: 'We all know the Jews and their minions control the global financial system. When you are caught having the wrong opinion, they will take it upon themselves to shut you out of this system making your life very difficult. One alternative to this system is cryptocurrency.'
Richard Spencer, an American white supremacist, has dubbed Bitcoin the 'currency of the alt-right.'” (our emphasis)
Despite the notorious volatility of Bitcoin prices, for example, far-right players have profited in recent years. A cryptocurrency analytics company, Chainalysis, looked at extremist right groups' use of Bitcoin:
"Chainalysis collected data for a sample of 12 far-right entities in the U.S. and Europe that publicly called for Bitcoin donations and showed significant activity. Together, they took in 213 Bitcoin — worth more than $9 million at today’s value — between January 2017 and April 2021.
These groups embrace a range of ideologies and include white nationalists, white supremacists, neo-Nazis and self-described free-speech advocates. They are united by a shared desire to fight the perceived progressive takeover of culture and the state.
'These people have real assets. People with access to hundreds of thousands of dollars can start doing real damage,' said John Bambenek, a cybersecurity expert who has been tracking the use of cryptocurrency by far-right actors since 2017." (our emphasis)
The Associated Press' in-depth report is in conjunction with an upcoming PBS "Frontline" documentary. The use of cryptocurrency by dangerous far-right white supremacist groups needs to be exposed and curbed, despite the difficulties in tracing and accessing information on it.
(image: from theface.com)
