en
Back to the list

Israeli Officials Seize Cryptocurrency Accounts Tied To Hamas

Legal

www.thecoinrepublic.com 04 March 2022 23:47, UTC
  
Reading time: ~3 m

  • During first 2 months of 2022, followers of the Freedom Convoy in Canada and Ukraine’s anti-Russian opposition party collected millions of dollars in crypto donations. Following a request from the Capital Markets, Insurance, and Savings Authority, cryptocurrency exchange Binance halted services and marketing to Israelis last month.
  • Israeli officials seized 30 cryptocurrency wallets from 12 exchange accounts related to Hamas, a militant organisation based in the Gaza Strip, on Monday. Israel claimed that Hamas leaders were using 12 accounts held by crypto exchange al-Mutahadunwere to fund terrorist attacks against the country.
  • According to the Times of Israel, Israel’s Defense Ministry said al-Mutahadun had aided Hamas’ military wing by transmitting finances worth tens of millions of dollars every year. Although the exact sum of the seizures and whose crypto assets were taken are unknown, Israeli officials think Hamas uses tens of millions of dollars in cryptocurrency to pay its military.

The Israeli authorities has seized 30 cryptocurrency wallets from a small exchange in Gaza, where Hamas militants have beefed up their military.

Tens Of Millions Of Dollars

Israeli officials seized 30 cryptocurrency wallets from 12 exchange accounts related to Hamas, a militant organisation based in the Gaza Strip, on Monday. Israel claimed that Hamas leaders were using 12 accounts held by crypto exchange al-Mutahadunwere to fund terrorist attacks against the country. According to the Times of Israel, Israel’s Defense Ministry said al-Mutahadun had aided Hamas’ military wing by transmitting finances worth tens of millions of dollars every year. Although the exact sum of the seizures and whose crypto assets were taken are unknown, Israeli officials think Hamas uses tens of millions of dollars in cryptocurrency to pay its military. Israeli Defense Minister Benny Gantz said in a statement on Monday:

They keep improving their capacities in the fight against terrorism and the businesses that fuel it. Cryptocurrency transactions are increasingly being tracked by law enforcement organisations and institutions across the globe, such as BNY Mellon, in order to uncover and punish financial crimes. As per Chainalysis, a blockchain transaction tracking firm, only a small amount of cryptocurrency being used for unlawful purposes. Hamas has accepted bitcoin donations since the beginning of 2019, when economic sanctions began severely affecting the group’s capacity to fight Israel.

With the help of Israel’s National Bureau for Counter-Terrorist Financing, the wallets were seized (NBCTF). In July 2021, the NBCTF carried out a similar seizure of Hamas crypto monies, seizing wallets including Tether (USDT), Ether (ETH), Dogecoin (DOGE), XRP, BNB, Zcash (ZEC), Litecoin (LTC), and other assets.

Anti-Russian Opposition Group Received Millions Of Dollars In Crypto Donations

As per crypto tracking service Cyphertrace, the money confiscated in July was used by al-Qassam Brigades, a Hamas military unit. Donations made with cryptocurrency aren’t just for sponsoring terrorism. During first 2 months of 2022, followers of the Freedom Convoy in Canada and Ukraine’s anti-Russian opposition party collected millions of dollars in crypto donations. Following a request from the Capital Markets, Insurance, and Savings Authority, cryptocurrency exchange Binance halted services and marketing to Israelis last month. The ban is likely to last as long as the administration investigates the status of Binance’s business licence in the country.


   Source
Back to the list