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- The Tron
blockchain has become the primary cryptocurrency network for organizations like Hamas and Hezbollah. - Israel’s seizures of Tron cryptocurrency have increased significantly in 2023, highlighting a shift from Bitcoin.
- Experts note a marked preference for Tron over Bitcoin among these groups for their financial transactions.
This article explores the rising trend of Tron’s TRX cryptocurrency being favored by Hamas and Hezbollah for financial transactions, surpassing Bitcoin’s previous dominance.
Tron Overtakes Bitcoin in Crypto Seizures
According to a recent report by Reuters, the Tron blockchain has overtaken Bitcoin as the cryptocurrency of choice for groups such as Hamas and Hezbollah. These groups have been designated as terrorist organizations by the United States, United Kingdom, and other jurisdictions. Israeli authorities have reported a significant increase in seizures of Tron cryptocurrency since 2021, contrasting with a decline in Bitcoin seizures.
Details of Israel’s Cryptocurrency Seizures
Israel has conducted 87 seizures of Tron wallets in 2023 alone, which constitutes two-thirds of the total seizures since July 2021. These include significant seizures from wallets allegedly owned by Lebanon-based Hezbollah and those affiliated with Palestinian Islamic Jihad, a Hamas ally. This trend represents a notable shift in the cryptocurrency preferences of these organizations.
Expert Analysis on the Shift to Tron
Mriganka Pattnaik, CEO of the blockchain analysis firm Merkle Science, remarked on the changing trends. “Earlier it was Bitcoin and now our data shows that these terrorist organizations tend to increasingly favor Tron,” he said. This shift may be attributed to various factors, including transaction speed, anonymity, or network security features inherent to the Tron blockchain.
Tron’s Response to the Findings
In response to these findings, Tron spokesperson Hayward Wong commented that all technologies could, in theory, be used for questionable activities. Wong emphasized that Tron does not have control over individuals or groups using its network. This statement highlights the challenges faced by decentralized platforms in regulating the use of their technology.
Conclusion
The increasing use of Tron by Hamas and Hezbollah marks a significant development in the landscape of cryptocurrency usage by such organizations. As authorities continue to monitor and respond to these trends, the implications for the broader crypto market and regulatory environment remain a topic of keen interest and ongoing debate.