Hamas Militants Behind Israel Attack Raised Millions in Crypto Donations

Hamas and Palestinian Islamic Jihad received millions in crypto donations, highlighting concerns about covert funding via cryptocurrencies.
Hamas Militants Behind Israel Attack Raised Millions in Crypto Donations

According to a recent Wall Street Journal article, the terrorism organization Hamas and its affiliated groups have received millions of dollars in bitcoin donations, according to data from the forensics firm Elliptic and the Tel Aviv software business BitOK.

Between August 2021 and June 2023, the Palestinian Islamic Jihad collected almost $93 million in crypto contributions, while Hamas received about $41 million, according to Elliptic.

Cryptocurrencies are sometimes thought of as a clandestine source of funding for institutions and nations that are barred from the internationally regulated financial system that is influenced by the United States.

By hacking into various sites and initiatives, for instance, North Korean hackers have amassed substantial amounts of cryptocurrency. It becomes difficult to track the transfer of these monies due to the privacy-enhancing features inherent in many cryptocurrencies, raising worries among government agencies.

Israeli Defense Minister Yoav Gallant told the Wall Street Journal that the task was not simple.

The Izz ad-Din al-Qassam Brigades have purchased around $100,000 worth of bitcoin (BTC) since the start of 2021. May saw a substantial spike in donations, coinciding with a time of heightened hostilities involving rocket launches between Israel and Hamas. Most of these transactions took place on the Binance platform.

Cryptocurrency does not, however, provide the primary source of income for Lebanon-based Hezbollah and allied organizations like Palestinian Islamic Jihad. According to the U.S. authorities, Iran continues to be the main source of funding, providing a substantial $100 million annually.

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