Market Cap: $3.5125T -1.720%
Volume(24h): $122.5086B 10.460%
  • Market Cap: $3.5125T -1.720%
  • Volume(24h): $122.5086B 10.460%
  • Fear & Greed Index:
  • Market Cap: $3.5125T -1.720%
Cryptos
Topics
Cryptospedia
News
CryptosTopics
Videos
Top News
Cryptos
Topics
Cryptospedia
News
CryptosTopics
Videos
bitcoin
bitcoin

$104492.464223 USD

-0.72%

ethereum
ethereum

$3259.381067 USD

2.17%

xrp
xrp

$3.088281 USD

-1.07%

tether
tether

$0.999963 USD

-0.01%

solana
solana

$237.703952 USD

-0.51%

bnb
bnb

$679.531010 USD

0.30%

usd-coin
usd-coin

$1.000026 USD

-0.01%

dogecoin
dogecoin

$0.328829 USD

-0.90%

cardano
cardano

$0.955910 USD

-0.64%

tron
tron

$0.254578 USD

3.38%

chainlink
chainlink

$25.069629 USD

2.85%

avalanche
avalanche

$35.018519 USD

3.72%

stellar
stellar

$0.424992 USD

5.02%

sui
sui

$4.222963 USD

5.48%

toncoin
toncoin

$4.839835 USD

-1.34%

Cryptocurrency News Articles

South African Man Granted Bail in Bitcoin Terror Financing Case

Feb 01, 2025 at 02:15 am

Authorities investigate alleged cryptocurrency transactions linked to extremist activities.

South African Man Granted Bail in Bitcoin Terror Financing Case

A South African man accused of financing terrorism with Bitcoin has been granted bail. Ziyadh Hoorzook is accused of paying R11,500 in Bitcoin to support members of the Islamic State in Syria.

The Lichtenburg Magistrates Court set bail at R30,000 on Monday after the prosecution failed to show sufficient grounds for keeping Hoorzook in custody.

According to Hawks spokesperson Colonel Philani Nkwalase, authorities began investigating Hoorzook as part of a broader probe into cryptocurrency payments linked to terrorism, which began in May 2018.

Nkwalase said the Financial Intelligence Centre (FIC) picked up suspicious transactions that could be linked to financing terrorism activities.

“On 30 November 2017, Hoorzook transacted funds in Bitcoin using the Luno Virtual Asset Service Provider. Those funds were sent from Hoorzook’s bank account to an account belonging to Luno, and those Bitcoin were used to fund an organisation that owned the wallet,” Nkwalase said.

Hoorzook allegedly used Bitcoin to pay members of the Islamic State in Syria (File photo).

Forensic evidence links Bitcoin transactions to terror financing

Hoorzook, who is out on bail, has maintained that the al-Sadaqah group appeared to be a legitimate charity. He testified that an Islamic figure introduced him to the organisation, recommending it for providing relief in the Syrian conflict.

However, al-Sadaqah was later designated a terrorist-linked group, a fact that Hoorzook said he was not aware of at the time.

Warrant Officer John Sithole, who led the investigation, disputed Hoorzook’s claims, arguing that the prosecution had compelling evidence against him.

“A forensic examination of Hoorzook’s electronic devices revealed a substantial amount of material linked to extremism,” Sithole said.

During the investigation, law enforcement officials found violent media files and recordings of Osama bin Laden on Hoorzook’s devices.

Sithole added that three al-Sadaqah advertisements were also found on Hoorzook’s devices, which explicitly stated that the organisation did not operate as a charity.

“This evidence, according to the Hawks, shows that Hoorzook must have known that the funds he was paying would be used for terrorism activities,” Nkwalase said.

The investigation is ongoing, with authorities gathering more information. The legal decision will hinge on whether Hoorzook had knowledge of the group’s activities and his intentions when providing funds for their operations.

This case is being closely monitored by law enforcement and financial regulatory bodies in South Africa.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Feb 01, 2025