Militant Groups Prefer Tron Over Bitcoin, Authorities Freeze Wallets Linked To Hamas
Portfolio Pulse from Khyathi Dalal
Tron (TRX) has become the preferred cryptocurrency network for militant groups, overtaking Bitcoin (BTC), according to financial crime experts. Israel and the U.S. have frozen numerous Tron wallets linked to Hamas and other designated terror organizations. Israel's NBCTF has frozen 143 Tron wallets, including 56 linked to Hamas, and in 2023 alone, seized 87 Tron wallets. Tron's spokesperson stated that the network does not control who uses its technology. No Bitcoin wallets have been frozen since the initial 30 in 2021.
November 27, 2023 | 5:20 pm
News sentiment analysis
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NEGATIVE IMPACT
Tron's association with militant groups and subsequent wallet seizures by authorities could negatively impact its reputation and potentially its price in the short term.
The negative publicity from being associated with militant groups and the active measures taken by authorities to freeze wallets could lead to a loss of trust among investors and users, potentially causing a decrease in the price of TRX in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 90
NEUTRAL IMPACT
Bitcoin is no longer the preferred platform for militant groups, which may slightly alleviate regulatory pressure, but the impact on its price is likely to be minimal as it was not the focus of the recent wallet seizures.
While the shift away from Bitcoin by militant groups could be seen as positive in reducing regulatory concerns, the direct impact on Bitcoin's price is likely to be negligible since the article does not indicate any new actions against Bitcoin wallets.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 50