Monday, December 16, 2019

Neo-Nazi Website Daily Stormer Has Raised A Lot of Bitcoins (BTC)

Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on [email protected]

The Daily Stormer is a blog filled with sexist and racist comments, poor grammar, and proclaims white nationalism, to develop and maintain the white race a singular identity. In the past years, the domains the hateful blog has used have been removed by the domain name registrars, their hosting packages canceled and funding services like PayPal refusing to offer their services to them.

Rasing BTC Through Crowd Funding

In light of this, since they can’t raise financial funding through the use of established companies as payment methods, the white nationalists have resorted to the obvious method of funding; Bitcoin and other cryptocurrencies that allow for peer to peer funding. Some in the cryptocurrency world basically do not identify with censorship and love the idea of free speech, and Bitcoin is the perfect type of currency needed to fund them. Although Bitcoin isn’t totally anonymous, there are blockchain products that can help it become anonymous and there are privacy coins built on the same idea as Bitcoin.

Many companies have decided not to advertise with the hate group’s platform. The Daily Stormer founder, Andrew Anglin corroborated this fact by going with the option to steer clear of advertisements on its platform stating that not many companies could survive after advertising on the Daily Stormer website.

On the donations category of the website, it was stated that Anglin and the Daily Stormer do what they can to support the white race and employ the use of tactics such as the denial of the Holocaust, a reiteration that the Holocaust never happened and is a fictional figment of history. A peek through the Blockchain’s ledger shows that their efforts are yielding progress.

Daily Stormer

How Much Bitcoin Funding Has the Neo-Nazi Website Received?

The official Bitcoin wallet of the hate group received its first donation in January 2017 with an opening balance of 0.0015BTC. Since then, they have received several more donations amounting to over 47 Bitcoins as of today. This means that in tune with the Bitcoin price rises and drops; the Neo-Nazi group have received roughly 420,000$ in the course of only two years. Basically, it’s not easy to pinpoint the exact amount they have received; the previously stated amount is just an estimated guess. The point is, however, the group have raised a lot of money surpassing expectations for a group of its caliber.

The highest balance of their official Bitcoin wallet has remained 13.5 BTC, which was in February 2017. Experts feel at that period. They were still not sure about where to allocate the funds. At that period in time, the value of the Bitcoin they received would have been $13,805.

Till today, the Bitcoin wallet address still receives funding in small amounts, but the spending has increased to a higher extent. There is booming curiosity about those who are funding the hate group and companies like Chainalysis wouldn’t entirely find it tasking to get the identities factoring in the frequent use of the address time and time again. Receiving address reuse in the Blockchain has consequences which can reveal the information about the parties involved in the transaction.

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