Chainalysis report reveals: Cryptocurrency and disinformation are threatening the 2024 election

Across the globe, a new form of manipulation is spreading. It is important to note that the anonymity and convenience of cryptocurrencies are being used to fund election disinformation campaigns.

As major infrastructure providers begin to accept the digital currency, the spread of misinformation has gained unprecedented momentum, posing a direct threat to election integrity and the democratic process.

Expose the spread of cryptocurrency false information and "donations"phenomenon

A new report from blockchain analytics firm Chainalysis reveals the key role cryptocurrencies played in funding election disinformation campaigns. This discovery is not only shocking, but also has profound implications for how people access and evaluate online election information.

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Researchers at Chainalysis dug deep into how bad actors use digital currencies to support their operations. The report noted that some websites that specialize in spreading disinformation, such as SouthFront, are using cryptocurrency donations to stay afloat. SouthFront is a Russian media organization sanctioned by the U.S. Treasury Department for spreading disinformation during the 2020 U.S. presidential election.

The report mentioned that someone sent $2,700 worth of cryptocurrency to SouthFront, indicating the direct role of cryptocurrency in funding the spread of disinformation. Even more worryingly, some donors not only support one disinformation communicator but also provide funding to multiple similar organizations. For example, one donor was caught sending Bitcoin to both SouthFront and groups suspected of having ties to extremist donors.

Valerie Kennedy, Head of Investigations at Chainalysis "Cryptocurrencies, like other tools, are used to support global influence operations," Kennedy said, stressing that such operations are becoming easier to execute as more options become available on both the clear and dark webs.

This phenomenon not only reveals how disinformation spreaders use cryptocurrencies to evade regulation, but also highlights the role of cryptocurrencies in funding illegal activities. As the election season approaches, this issue has become particularly important and requires the joint attention and response of legislators, regulators and the public.

Cryptocurrency fuels the spread of shady services

Chainalysis’ report reveals a stark reality: Cryptocurrencies are not only used to directly fund disinformation, but are also used to purchase a range of shady services that help disinformation producers expand their influence online.

The report mentions that these actors purchased fake social media accounts and phone numbers through cryptocurrency to pretend to be ordinary users and spread their false stories. The scale of this practice is astounding! For example, the Bitcoin transaction volume of just one service provider that provided a phone number was as high as $7.7 million, which shows how huge the transaction volume of fake phone numbers is.

Additionally, some sites offer lax hosting services with little to no censorship of content. Some of these sites that accept Bitcoin payments even facilitated the spread of fake news when emails from the Hillary Clinton campaign were leaked in 2016.

Even more worrying is the rise of “bot farms,” platforms that sell stolen or fake social media accounts in bulk. One of them is Ubar Store, which claims to have fulfilled more than 10,000 orders and accepts cryptocurrency payments. The proliferation of fake accounts makes it easier for false information to be accepted and spread on the Internet.

The findings highlight the role cryptocurrencies play in the spread of disinformation and the threat this phenomenon poses to election integrity. With the continuous advancement of technology, ensuring the authenticity of information and network security has become an urgent global issue that needs to be solved.

Cryptocurrency and disinformation challenge the 2024 election

As the 2024 U.S. election approaches, the role of cryptocurrency in the election has become increasingly prominent, becoming the new favorite of those who spread false information. This phenomenon is not only worrying, but also a catalyst for social division.

Chainalysis' report noted that although precise statistics are difficult to count, cryptocurrencies play a "significant role" in funding disinformation campaigns. Its anonymity and convenience of cross-border transfers make it an ideal tool for criminals to spread false information.

Recent events surrounding the attempted attack on former President Donald Trump have given rise to numerous conspiracy theories. These incidents illustrate how cryptocurrencies are being used to spread misinformation, becoming an issue that must be watched closely as the election approaches.

For voters at large, this means more caution when viewing information online. The popularity of a story is no guarantee of its truth. We need to develop critical thinking, distinguish truth from lies, and avoid being misled by false information.

Pada masa yang sama, ini juga membunyikan penggera kepada penggubal undang-undang dan syarikat teknologi. Mereka perlu mengiktiraf peranan mata wang kripto dalam penyebaran maklumat salah pilihan raya dan mempertimbangkan cara ia boleh disepadukan ke dalam strategi keseluruhan untuk memerangi maklumat salah. Ini bukan sahaja cabaran teknikal, tetapi juga keperluan mendesak untuk mengekalkan kesihatan demokrasi dan kestabilan sosial.

Dalam era ledakan maklumat ini, adalah menjadi tanggungjawab kita bersama untuk memastikan keadilan dan ketelusan pilihan raya serta melindungi pengundi daripada maklumat palsu. Sifat pedang bermata dua mata wang kripto memerlukan kita menikmati kemudahan yang dibawanya tetapi juga berhati-hati dengan risiko yang mungkin dibawanya.

Kesimpulan:

Laporan baharu daripada Chainalysis mendedahkan peranan baharu untuk mata wang kripto dalam penyebaran maklumat salah pilihan raya, penemuan yang membunyikan loceng penggera untuk pengawal selia di seluruh dunia. Memandangkan kerahasiaan dan kemudahan mata wang kripto disalahgunakan untuk memanipulasi keputusan pilihan raya, kita mesti mengukuhkan peraturan teknologi dan langkah perundangan untuk memastikan integriti dan ketelusan pilihan raya.

Menghadapi cabaran ini, pengawal selia perlu mengambil tindakan tegas dan membangunkan dasar yang berkesan untuk mengehadkan penggunaan mata wang kripto dalam aktiviti haram. Pada masa yang sama, komuniti teknologi juga harus membangunkan alat yang lebih maju untuk mengenal pasti dan menyekat penyebaran maklumat palsu.

Memandangkan musim pilihan raya A.S. semakin hampir, memastikan ketulenan maklumat dan keselamatan rangkaian telah menjadi isu global yang mendesak. Kerajaan dan pengawal selia di seluruh dunia mesti bekerjasama untuk melindungi rakyat daripada maklumat yang salah.

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