OFAC Designates Nordic Resistance Movement as SDGT

The
United
States
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
(SDGT)
group.
This
action,
announced
on
June
14,
2024,
also
targets
three
individuals
linked
to
the
group:
Leif
Robert
Eklund,
Par
Oberg,
and
Tor
Fredrik
Vejdeland,
the
latter
being
the
group’s
new
leader
since
March
2024.
The
sanctions
are
in
response
to
the
group’s
involvement
in
violent
extremism
and
terrorism,
according
to

Chainalysis.

Background
on
the
Nordic
Resistance
Movement

The
Nordic
Resistance
Movement
is
a
pan-Nordic
organization
advocating
for
a
unified
Nordic
ethnostate,
encompassing
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
that
were
“significantly
contrary
to
law.”

On-Chain
Activities

The
Nordic
Resistance
Movement
has
been
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
substantial
funds
over
the
years.
Initially,
they
held
approximately
$92,000
in





Bitcoin,
which
more
than
doubled
in
value
over
time.
These
funds
were
primarily
moved
to
exchanges,
presumably
for
cashing
out.

The
organization
has
publicly
stated
that
it
relies
on
cryptocurrency
donations
because
it
cannot
operate
traditional
bank
accounts.
Donations
have
been
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
underscore
the
U.S.
government’s
commitment
to
protecting
its
citizens
from
terrorist
activities
funded
through
cryptocurrencies.
Following
the
sanctions,
the
Nordic
Resistance
Movement’s
Denmark
branch
removed
crypto
addresses
from
specific
web
pages.
However,
Chainalysis
has
identified
and
labeled
the
relevant
addresses
associated
with
the
sanctioned
entities
in
its
product
suite.

In
the
Chainalysis
Reactor
graph,
it
is
evident
that
the
group
received
several
thousand
dollars’
worth
of
donations
from
users
at
mainstream
exchanges
and
a
mining
pool.
These
funds
were
subsequently
moved
to
various
exchanges
to
be
cashed
out.

Image
source:
Shutterstock