Friday, July 19, 2024

White Supremacists and Far-Right Extremists Produced Million-Dollar Profits via Cryptocurrency: Report

White supremacists, with the likes of Greg Johnson of Counter-Currents and Don Black of the racist forum Stormfront, have turned a substantial profit from bitcoin. A report by the Southern Poverty Law Centre sheds light on how extreme far-right figures generated tens of millions of dollars through cryptocurrency. This, the report says, has given such individuals a chance to live comfortable lives while promoting hate.

Hatewatch’s findings show that while the average age of a cryptocurrency investor is 38, senior citizens in the white supremacist movement, such as Peter Brimelow (VDARE), 73, and Jared Taylor (American Renaissance), 69, have rolled in tens of thousands of dollars of the asset. However, there is nothing criminal or unlawful about people embracing and investing in technology. Moreover, it should be noted that the majority of its users have no connections to the extreme far-right.

But the fact cannot be denied that the far-right’s early embrace of cryptocurrency gave it considerable leverage to expand its movement and obscure funding sources. The report draws attention to the relative secrecy blockchain technology offers.

Cryptocurrency analyst David Gerard, who is the author of Attack of the 50 Foot Blockchain, says the cryptocurrency community denies that extremists have immersed themselves in their sub-culture. “Bitcoin started in right-wing libertarianism.”

The Block, cryptocurrency-focused portal, highlighted in August 2020 that 45% of illegal darknet markets support Monero. Moreover, an investigation by the Associated Press in September showed that far-right groups and individuals had raised millions worth of cryptocurrencies. Reports highlight that Douglas Mackey,a far-right conspiracist who threatened voters, received $60,000 worth of bitcoin to help him through his legal troubles.

Furthermore, Ron Watkins, a popular QAnon member, asked for bitcoin donations on Telegram to boost his campaign after failing to raise cash in a traditional way. It should be noted that though bitcoin is a popular cryptocurrency, individuals associated with extremism or far-right groups prefer other digital currencies such as ethereum and monero.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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