Blockchain
OFAC designates the Nordic Resistance Movement as SDGT
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has officially sanctioned the Nordic Resistance Movement, designating it as a Specially Designated Global Terrorist Group (SDGT). This action, announced on 14 June 2024, also targets three people linked to the group: Leif Robert Eklund, Par Oberg and Tor Fredrik Vejdeland, the latter the new leader of the group since March 2024. The sanctions are in response to requests from the group involvement in violent extremism and terrorism, second Catenaanalysis.
Background on the Nordic Resistance Movement
The Nordic Resistance Movement is a pan-Nordic organization advocating for a unified Nordic ethnic state, comprising Sweden, Norway, Denmark, Finland and Iceland. Founded in Sweden in 1997, the group is known for its white supremacist and anti-Semitic ideology. In 2020, Finland banned the organization, citing activities “significantly contrary to the law.”
On-chain activities
The Nordic Resistance Movement was an early adopter of cryptocurrency, using it to fund its operations since at least 2015. The group has promoted various crypto addresses for donations, accumulating significant funds over the years. They initially held about $92,000 Bitcoin, which has more than doubled in value over time. These funds were mostly moved into exchanges, presumably to cash out.
The organization has publicly stated that it relies on cryptocurrency donations because it cannot operate traditional bank accounts. Donations were accepted in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Cosmos (ATOM), Monero (XMR), Cardano (ADA) and other cryptocurrencies.
Monitoring and compliance
OFAC’s recent designations highlight the U.S. government’s commitment to protecting its citizens from cryptocurrency-funded terrorist activities. Following the sanctions, the Danish branch of the Nordic Resistance Movement removed crypto addresses from specific web pages. However, Chainalysis has identified and labeled relevant addresses associated with sanctioned entities in its product suite.
In Chainalysis Reactor’s chart, it is evident that the group has received several thousand dollars in donations from users of traditional exchanges and a mining pool. These funds were later moved to various exchanges to be cashed out.
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