A 35-year-old South African man, Ziyadh Hoorzook, has been accused of funding terrorism through cryptocurrency. His case has been postponed for a formal bail application.
Investigations into Ziyadh Hoorzook's activities began in 2018 when authorities received information about suspicious transactions. Ziyadh Hoorzook made a brief appearance in the Lichtenburg Magistrate’s Court in the North West. The case against a 35-year-old South Africa n man accused of funding terrorism through cryptocurrency has been postponed for a formal bail application. Ziyadh Hoorzook made a brief appearance in the Lichtenburg Magistrate’s Court, in the North West, on Monday.
“This probe ensued in May 2018 when the Financial Intelligence Centre (FIC) and the Hawks received information about suspicious transactions allegedly linked to terrorism financing,” Nkwalase said. “Cryptocurrency in the form of Bitcoin worth R11,500 was allegedly purchased, through Luno, a Virtual Asset Service Provider (VASP), via transfer of money from the suspect’s bank account to Luno’s custody account on 30 November 2017.” Nkwalase said on the same day, Bitcoin was reportedly transferred from Hoorzook’s Luno wallet to the wallet associated with an organisation, which describes itself as an independent charity. “Preliminary investigation revealed that the transfer was a response to the advisement appealing for financial support of the activities with weapons, financial aid and other projects assisting the participants in another country. “The police obtained a search warrant and on 3 October 2024, conducted a search at the residence of the suspect in Sandton. Several evidential materials have been seized for further investigation,” Nkwalase said. Nkwalase said during the search, officers also found that two of his licensed firearms were not locked away in a safe as prescribed by law and a relevant case docket was opened
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