Elliptic counters WSJ Report on The Scale of Hamas’ Significant Crypto Donations

Elliptic stated that there is no such proof that Hamas raised crypto donations to fund terrorist activities & amount was tiny as $93 million.
Elliptic counters WSJ Report on The Scale of Hamas’ Significant Crypto Donations
Elliptic counters WSJ Report on The Scale of Hamas’ Significant Crypto Donations

Elliptic, a blockchain analysis firm, has concluded that there is no meaningful evidence to imply that Hamas is receiving major cryptocurrency donations to assist its assaults against Israel.

Elliptic maintains that the monies earned by Hamas through cryptocurrency donations are very tiny, refuting previous assertions made by The Wall Street Journal and US politicians. These statements purportedly erroneously claimed that cryptocurrency was widely used to fund Hamas’ “terrorist” activities.

Elliptic cited a Hamas fundraising effort launched by Gaza Now, a Hamas-supporting news organization, as an example. Since the Hamas attack on Israel on October 7, our campaign has only raised $21,000.

According to Elliptic, $9,000 of this $21,000 was frozen by the stablecoin issuer Tether, and another $2,000 was locked after being transferred to a cryptocurrency exchange, presumably to be converted into traditional cash.

Elliptic has contacted the Wall Street Journal to correct an earlier statement in which it was alleged that Hamas and Palestinian Islamic Jihad raised more than $130 million in cryptocurrencies between August 2021 and June 2023.

The WSJ later corrected its story, saying it was “as much as $93 million.” Senator Elizabeth Warren and over 100 other U.S. senators referred to the Wall Street Journal article in a letter issued on October 17 to the White House and the U.S. Department of the Treasury.

The tragic attack in Israel, which claimed the lives of 1,200 people, has refocused attention on Senator Elizabeth Warren’s push for crypto legislation. Senator Elizabeth Warren has gained backing in the US House for her attempt to combat the use of cryptocurrency to fund terrorism.

Elliptic reiterated that their information had been interpreted incorrectly. “Over the past two weeks, politicians and journalists have portrayed public crypto fundraising as a significant source of funds for Hamas and other terrorist groups, but the data simply does not support this.”

“This demonstrates the weakness of crypto as a terrorism fundraising tool,” Elliptic said. The blockchain’s transparency allows unlawful payments to be traced and, in certain cases, linked to real-world identities.”

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