Hamas Received $41M In Crypto Donations Over 3 Years, Israel Moves To Seize Wallets

The Islamist-group Hamas and its affiliates have reportedly received substantial amounts of cryptocurrency donations. 

What Happened: According to Elliptic, a blockchain analytics platform, Hamas received a staggering $41 million in cryptocurrency donations between August 2021 and June 2023, reported Wall Street Journal.

The data, provided by forensics firm Elliptic and Tel Aviv software company BitOK, revealed the growing concern that cryptocurrencies are being used as a means of financing for groups and nations operating outside the U.S.-controlled global financial system.

Israeli Defense Minister Yoav Gallant acknowledged the difficulty of addressing this issue, stating, “This is not an easy task,” in an interview with the Wall Street Journal. 

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Why It Matters: The transactions involving Hamas were tracked back to the cryptocurrency platform Binance, according to data analyzed by three blockchain analytics firms and CoinDesk. 

However, recent local news from Israel indicates that the country’s police have taken action against cryptocurrency accounts associated with Hamas. 

This comes as the Israel defense ministry and intelligence sectors, have reportedly initiated a total blockade of the Palestinian territory of Gaza following an attack by Hamas over the past weekend.

Price Action: At the time of writing, Bitcoin BTC/USD was trading at $26,837.77, down 0.85% in the last 24 hours, according to Benzinga Pro.

Photo Courtesy: Anas-Mohammed On Shutterstock.com

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