Israel's Defense Ministry Seizes $1.7M In Digital Currencies From Terrorist Groups

Israel's Defense Minister confirmed that a sophisticated digital currency network linked to Hezbollah and the Iranian Quds Force has been thwarted.

Speaking at the National Bureau for Counter Terror Financing’s third crypto conference, Defense Minister Yoav Gallant said defense authorities managed to halt the transfer of substantial financial resources intended for terrorist activities through a digital currency network.

Minister Gallant emphasized the evolving nature of security threats and the increasing sophistication brought on by technological advancements.

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"Anyone who finances terrorism, or maintains financial ties with terrorist operatives, must know that he is a target similar to whoever directs and dispatches terrorism," he said.

Gallant praised the National Bureau for Counter Terror Financing, Mossad, IDF Intelligence Branch, Israel Police, and other entities for their work in developing new strategies to combat terror financing.

“I would like to reveal here for the first time that a few days ago an extensive and precedent-setting operation to expose a terror financing axis using digital currencies was concluded," he said. "This is the first event of this magnitude in which an infrastructure headed by Hezbollah and the Iranian Quds Force that transferred millions of dollars for use by terrorist elements was thwarted.”

Hezbollah, Quds Force, and certain Syrian factions had been employing digital currencies since the beginning of this year to surreptitiously acquire funds, he explained. The funds were primarily sourced through money changers via illegal transactions.

Through a decisive move, Minister Gallant authorized the seizure, forfeiture, and transfer of these funds to Israel's treasury. 

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