Israeli sources and blockchain analysis reports have revealed that militant groups such as Hamas and its ally Hezbollah have raised significant funds using cryptocurrencies.
These can be seen as a reaction to traditional methods of financing attacks and denying the United States and Israel access to foreign funds. The anonymity and globality of cryptocurrencies make it easy to collect and transfer funds quickly.
Funds Collected Exceeded 130 Million Dollars
According to a report by crypto research firm Elliptic, the Palestinian Islamic Jihad group collected $93 million in cryptocurrencies between August 2021 and June 2023. Additionally, according to an analysis by BitOK Research, Hamas-affiliated crypto wallets collected approximately $41 million between December 2021 and June 2023.
According to another news, Hamas-related crypto accounts were frozen in a joint effort with Binance at the request of Israel the other day.
The Israeli Police’s cyber arm worked with the country’s defense ministry, intelligence agencies and crypto exchange Binance to identify the accounts in question, the report said. It was announced that all seized funds would go to the Israeli national treasury.