In a new report, Chainalysis claims that Hay’at Tahrir al-Sham (HTS) received increased cryptocurrency donations before its victory over Assad’s government in the Syrian Civil War.
Several warring factions have used or been tangentially connected to the crypto industry, but HTS is a comparative wild card.
Crypto in The Syrian Civil War
Blockchain analytics firm Chainalysis publicized these findings in a report today. Essentially, it claimed that HTS saw a noticeable uptick in crypto donations on November 27, the day it began a new offensive in the Syrian Civil War.
These donations continued throughout HTS’ blitzkrieg campaign, which quickly toppled Assad’s government.
“One campaign received its first donation in late October and received a total of seven donations prior to the 27th, since which time it has received over 30 donations. Another campaign, which only began soliciting donations after the offensive’s start, has also received over 30 donations,” the report claimed.
Anonymous crypto donations have been a recurring feature in the Syrian Civil War for several years. The Islamic State in Iraq and Syria (ISIS) made broad efforts to solicit crypto contributions before its destruction as a fighting force.
Such activities has even served as a trope in anti-crypto legislation efforts, and US Senator Elizabeth Warren frequently scrutinized it.
However, HTS has been a smaller presence in this crypto solicitation activity, although it has been doing it since at least 2021. According to Chainalysis’ data, HTS employed a sophisticated laundering scheme that made it difficult to track down the exact amount of funds received.
HTS’ Crypto Donation Network. Source: Chainalysis
Chainalysis additionally stated that the group’s future participation in the crypto space is unclear. For example, it pointed out that Assad was much better positioned to enter the space.
His country had strong economic ties with Russia and Iran, both of which have expressed notable interest in the sphere. Both nations also endorsed crypto at the recent BRICS Summit.
However, HTS defeated Assad in the Syrian Civil War and is extremely unlikely to continue positive relationships with either nation.
In short, the Chainalysis research suggested that further crypto involvement is doubtful. Regional instability and currency inflation may promote private use, like in neighboring Lebanon, but crypto is “not likely to emerge as a top priority” for HTS.
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