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Israeli officials have been tracking the financial resources of Hamas following the organization’s attacks that began on October 7. Officials managed to close dozens of accounts on the world’s largest cryptocurrency exchange, Binance, that were found to be connected to Hamas and seized millions of dollars worth of cryptocurrency.
Dozens of Crypto Accounts Linked to Hamas Shut Down
According to the Financial Times, Israeli officials have shut down more than 100 cryptocurrency accounts on Binance that were found to be connected to the organization since the ongoing Hamas attacks began on October 7.
Israeli officials also requested information from Binance regarding around 200 additional cryptocurrency accounts associated with Hamas. The operations targeting cryptocurrency accounts linked to Hamas resulted in the seizure of millions of dollars worth of cryptocurrency.
The Use of Cryptocurrency by Terrorist Organizations
Governments and regulators have long warned about the potential use of unregulated cryptocurrencies for terrorist financing and fund transfers. The attacks on Israel and the numerous cryptocurrency-based fundraising operations carried out by Hamas and affiliated organizations have made these concerns more urgent.
Tom Alexandrovich, Executive Director of the Israeli National Cyber Directorate, said, “Cryptocurrency is an important issue for financing terrorism during this time of war because there are no other options. The amount of cryptocurrency funds belonging to Hamas has greatly increased since the start of the attacks.”
Data compiled by Israeli law enforcement over the past week reveals numerous social media posts urging donations to Hamas and affiliated organizations using cryptocurrencies. Sources familiar with the operation conducted by Israel stated that approximately 150 donation attempts linked to Hamas and other organizations have been identified since October 7. Last week, the Israel Police announced the freezing of numerous accounts used by Hamas for fundraising in a social media post.
Tether, the issuer of the largest stablecoin USDT, announced on October 16 that it had frozen 32 wallet addresses containing over $873,000, which it claimed were linked to terrorism and war in Israel and Ukraine. The timing of the freezing of the wallet addresses and the distribution of funds between Israel and Ukraine were not disclosed.