Crypto
Virginia man convicted for sending cryptocurrency to ISIS members
A Virginian man was convicted for attempting to financially support ISIS, the US Department of Justice reported on Monday.
Mohammed Azharuddin Chhipa, from Springfield, Virginia, was convicted last week for collecting and sending money to female ISIS members in Syria in an attempt to finance their escape prison camps as well as supporting ISIS fighters.
Chhipa used social media accounts to raise funds, converting them to cryptocurrency before transferring the money to Turkey, where it was smuggled to ISIS members in Syria.
He was assisted by a British-born ISIS member living in Syria who was involved in raising funds for prison escapes, terrorist attacks, and ISIS fighters, the US Department of State reported.
Hundreds of thousands in crypto
The US Department of Justice stated that, in total, Chhipa had sent out over $185,000 in cryptocurrency.
The jury found Chhipa guilty of one count of conspiracy to provide material support or resources to a designated foreign terrorist organization and four counts of providing and attempting to provide material support or resources to a designated foreign terrorist organization.
Chhipa faces a maximum sentence of 20 years in prison per count. A sentencing hearing has been scheduled for May 5, 2025.
The FBI is currently investigating the case.
Item 1 of 2 Representations of the Bitcoin cryptocurrency are seen in this picture illustration taken June 7, 2021. REUTERS/Edgar Su/Illustration
Set to launch on November 24, the trading will be available to accredited and institutional investors, SGX said in a statement.
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Perpetual futures are derivatives that allow traders to bet on asset prices without an expiry date and offer round-the-clock access and high leverage, making them a popular choice in fast-moving markets.
Investors and traders typically use derivatives to hedge risk, amplify returns or speculate on price movements without owning the underlying asset.
Crypto assets were on a tear for much of this year, buoyed by hopes of greater regulatory easing and clarity globally and renewed risk appetite.
Bitcoin reached a record high in October, but its rally has since stalled owing to dampened risk appetite as investors worry about the outlook for Federal Reserve rate cuts and a weakening U.S. economy.
Reporting by Rae Wee; Editing by Jamie Freed
Our Standards: The Thomson Reuters Trust Principles.
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