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Following a sudden Hamas attack, Israeli Police, backed by intelligence agencies and Binance, intervened in Hamas' cryptocurrency fundraising operations, protecting Israel's national security.
This move comes in response to a surprise Hamas attack against Israel over the weekend, which led to heavy airstrikes on Gaza in retaliation. It is estimated that the conflict has already claimed the lives of over 1,000 people in Israel and around 900 casualties in Gaza.
Israeli Police Clamp Down on Hamas' Cryptocurrency Fundraising Efforts
Israel's Police Cyber Unit, in collaboration with the Ministry of Defense, Israel Security Agency, and other intelligence agencies, successfully blocked crypto accounts on centralized exchanges that Hamas was using to raise funds for its operations, Blockworks reported.
This included freezing an account held at the UK-based Barclays bank, which Hamas publicly disclosed for receiving donation funds, according to CoinDesk. These funds have since been redirected to the state treasury with the support of crypto exchange Binance.
Cryptocurrency Raises Concerns as Funding Source for Terrorism
While the use of cryptocurrency for terrorism financing is less common compared to traditional fiat currency, Israeli Police discovered that Hamas had started leveraging crypto accounts for fundraising since the attacks over the weekend.
Gaza-based organization GazaNow actively supported Hamas by seeking donations through a cryptocurrency address, which has received $800,000 since its activation in August 2021.
Hamas' military arm, the Izz al-Din al-Qassam Brigades, has been exploring crypto as an alternative fundraising method for its military operations since early 2019. Initially, the group experimented with Bitcoin donations through its Telegram channel, later transitioning to direct fundraising on its website, alqassam.net.
Israel's National Bureau for Counter-Terror Financing (NBCTF) has consistently taken action to combat Hamas' utilization of cryptocurrencies. Several Gaza-based businesses, such as Dubai Co. For Exchange, al-Muhtadon, al-Mutahadun For Exchange, and al-Wefaq Co for Exchange have also been targeted by the NBCTF. The majority of the seized funds were found in the form of tether tokens on the Tron network.
Photo: Kanchanara/Unsplash
