The Israel-Hamas conflict is set to escalate further, despite the already devastating loss of more than 2,100 lives on both sides. Israeli police have taken a significant step in response to Hamas’ recent violent attacks by freezing the cryptocurrency accounts used by the terror group. In a statement, Israeli police revealed that Hamas had initiated a fundraising campaign on social media, encouraging the public to deposit cryptocurrencies into their accounts. It remains unclear whether the accounts were simply frozen or if the funds were seized, as well as the total value of the crypto assets involved. This information was reported by Reuters and Insider.
The Israeli police agency, in coordination with the Israeli Security Agency, the Ministry of Defense, and other intelligence agencies, announced on Twitter that its cyber division successfully placed the funds in these accounts under lockdown. Binance, the world’s largest cryptocurrency exchange, also played a role in this operation, according to the Wall Street Journal. A spokesperson from Binance stated that their team had been providing continuous support to law enforcement efforts in combating terrorism financing.
Based on analysis of government seizure orders and blockchain reports, it has been discovered that three militant groups—Hamas, Palestinian Islamic Jihad, and Hezbollah—have received significant amounts of funds through cryptocurrency over the past year. Hamas, in particular, received over $41 million through digital-currency wallets between August 2021 and June 2022. The Journal describes Hamas as one of the most advanced users of cryptocurrency in the realm of terror financing.
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According to Joby Carpenter, a crypto specialist at ACAMS, “Crypto is another weapon in their arsenal.” Quartz reports that the military branch of Hamas has openly sought bitcoin donations since 2019, although it temporarily suspended this method of receiving donations in April due to increased scrutiny from authorities. The Journal notes that it is unclear whether the crypto funds received by Hamas were directly used to finance the recent assault on Israel. (Read more Israel-Hamas war stories.)
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