The worldwide terrorist group ISIS makes use of a nonfungible token to promote propaganda concerning occasions occurring in Afghanistan.
Through a sequence of tweets and different media, an ISIS supporter created an NFT of occasions in Afghanistan and used the knowledge from that NFT to construct different NFTs. This marks the primary time a terrorist group makes use of decentralized Web 3 strategies to unfold info. Previously, propaganda could be posted on social media platforms like Twitter and Facebook, making it simple to take down. By migrating to Web 3, terrorist organizations be certain that their propaganda machine can by no means be shut down.
According to a analysis paper from the University of Texas at Austin, Web 3 exploitation by extremist organizations is comparatively low. However, the brand new decentralized applied sciences are nonetheless on their radar, given the propensity of such teams to exploit new know-how. While content material moderation methods differ from social media, they do exist and will be employed to take away dangerous content material.
Global coordination wanted, says government
Regarding terrorism financing and cash laundering, Ari Redbord of TRM Labs mentioned it can be crucial for the U.S. Department of Justice and the U.S. Treasury Department to formulate international partnerships to eradicate illicit financing. Encouraging work is being achieved on this space by the Monetary Authority of Singapore, authorities within the United Arab Emirates, the United States, the European Union, and the United Kingdom, however extra worldwide cooperation is required, mentioned Redbord.
In President Joe Biden’s Crypto Executive Order issued on Mar. 9, 2022, a number of government branches of the U.S. authorities have been tasked with designing crypto rules that take into account environmental elements, shopper safety, and legislation enforcement, amongst different elements. The Treasury Department and the DOJ have come again with stories to this point. The DOJ nonetheless wants to describe the way it will proceed its work with worldwide counterparts.
In the chief order, Biden mentioned that worldwide cooperation is essential to preserve excessive requirements of consistency regarding anti-money laundering and counterterrorism financing legal guidelines since criminals exploit regulatory arbitrage.
He additionally emphasised the significance of mitigating dangers of illicit finance, the place digital property could also be used to bypass U.S. and worldwide sanctions. He mentioned that criminals typically money out the proceeds from cybercrime into digital property in international locations the place the Financial Action Task Force tips haven’t been adopted successfully.
Is focusing on illicit financing going to cease info dissemination?
But might legal guidelines designed to curb illicit finance deal with the dissemination of propaganda on a censorship-resistant decentralized community? Just lately, the U.S. Treasury Department sanctioned a cryptocurrency mixer Tornado Cash in a ruling that sparked an outcry concerning the standing of the pc code as a type of ‘free speech that was being censored.
As Congress resumes after a three-month recess, it’ll want to vote on about 50 payments, together with the current Lummis-Gillibrand invoice.
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