cryptonewsland.com
- Hamas employs cryptocurrency for fundraising.
- Israel actively seizes terror-linked crypto assets.
- Cryptocurrency provides terrorists with covert strategies.
The Gaza-based terror group, Hamas, is in the spotlight again. This time, it’s for a different kind of arsenal – Cryptocurrencies. Following their attack on Israel in October 2023, focus shifted towards their unique fundraising tactics.
Historical data reveals a pattern. Violent outbreaks often coincide with spikes in crypto fundraising. The recent conflict was no exception, with GazaNow, a Gaza-based group, raising funds to support Hamas through digital currency channels.
TRM issued an article detailing Hamas and cryptocurrency, saying that Hamas is the first terrorist organization to use cryptocurrency. Hamas has been soliciting Bitcoin donations on the Telegram channel. A week ago Israel seized millions of cryptocurrencies belonging to Lebanese…
— Wu Blockchain (@WuBlockchain) October 13, 2023
Hamas’s crypto endeavors aren’t new. Since 2019, they’ve been exploring digital currencies to back their military operations. However, the digital age has accelerated their ambitions. In response, the Israeli National Bureau for Counter Terror Financing (NBCTF) hasn’t remained idle. They’ve clamped down, seizing numerous Hamas-linked crypto addresses. These represent millions in assets, mostly in Tether on the Tron network.
It’s not just Hamas under the scanner. Israel’s authorities have also targeted other groups, like Hezbollah and Iran’s IRGC. Their crypto wallets, used to fund attacks on Israel, have been compromised. As the world of cryptocurrency evolves, so do terror financing strategies. Fortunately, the law enforcement agencies’ prowess in tracking and halting these illicit flows is also advancing.