The largest US-based crypto exchange wants to prevent crypto from thriving in offshore jurisdictions. In a new blog post, Coinbase says leaving crypto to flourish abroad where entities are not subject to US laws will only enable bad actors to easily use digital assets for illicit purposes. “We maintain a robust compliance program, which includes […]
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Top global crypto exchange Binance has reportedly closed more than 100 accounts in response to Hamas’ deadly attack on Israel earlier this month. According to a recent report from the Financial Times, which cited “people directly familiar with Israel’s enforcement actions,” Israeli law enforcement agencies ordered the closures and seized millions worth of crypto in […]
The post Over 100 Binance Accounts Closed by Israeli Authorities Over Suspicion of Facilitating Funding to Hamas: Report appeared first on The Daily Hodl.
Over 150 crypto wallets blacklisted for alleged links to the funding of terror groups can now be drained of all funds following a ruling by an Israeli court.
Tel Aviv's Magistrate Court has reportedly issued a ruling allowing Israel's government to seize all the crypto in more than 150 digital wallets that it hablacklisted for allegedly funding terrorist groups.
According to a Dec. 18 local Israeli media report, Israeli Defense Minister Benny Gantz says the court's Dec. 15 ruling has already allowed authorities to seize a further $33,500 from digital wallets linked to the Islamist militant group Hamas.
Prior to the court ruling, Israeli authorities had only been legally allowed to seize digital assets with direct links to terrorist activity but not additional funds in the same wallets. In December 2021, authorities seized $750,000 from the wallets.
The de facto ruling authority of Palestine's Gaza Strip since 2007, Hamas is classified as a terrorist organization in whole or in part by several countries and international blocs including the United States, European Union, Israel and the United Kingdom.
Starting in January 2019, Hamas began appealing to its supporters to send funds using Bitcoin (BTC) as a means to combat sanctions and financial isolation.
Gantz signed an order on July 9, 2021, authorizing security forces to seize crypto accounts with alleged ties to the militant wing of Hamas.
Related: Israel’s chief economist lays out recommendations for crypto regulation
Authorities disclosed at the time the accounts contained Tether (USDT), Ether (ETH), Dogecoin (DOGE), XRP (XRP), Binance Coin (BNB), Zcash (ZEC), Litecoin (LTC) and other altcoins.
In Februa, 30 crypto wallets from 12 exchange accounts linked to Hamas were seized by Israeli authorities as well.
The exact value of the crypto assets seized was not publicly revealed.
Crypto has been shown to have a relatively minor role in fundraising for terrorist groups. Early in 2022, blockchain analytics firm Chainalysis determined only a small portion of crypto funds are used in criminal activity.
Israel’s Defense Ministry seized cryptocurrency wallets holding funds that were destined for Hamas, a report has said. The wallets belonged to businesses that are associated with Al’matchadun currency exchange, which itself is accused of helping to funnel funds to Hamas. Seizure Order Israel’s Defense Ministry recently seized cryptocurrency wallets belonging to businesses that are associated […]
The Israeli government has confiscated 30 crypto wallets from a small exchange based in Gaza, where the Hamas terrorist group has bolstered its military.
A set of 30 crypto wallets from 12 exchange accounts that have been linked to the terrorist group Hamas based in the Gaza Strip were seized on Monday by Israeli authorities.
Crypto exchange al-Mutahadun held the wallets where 12 accounts were allegedly being used by Hamas leaders to fund terrorist efforts against Israel. The Times of Israel reported that Israel’s Defense Ministry said on Feb. 28 that al-Mutahadun has helped Hamas’s military wing “by transferring funds amounting to tens of millions of dollars a year.”
The exact value of the seizures and specifically what crypto assets seized is not yet clear, however, Israeli officials believe Hamas uses “tens of millions of dollars” in crypto funds to fund its military. Israeli Defense Minister Benny Gantz said in a Feb. 28 statement
“We continue to expand our tools to cope with terrorism and the companies supplying it with the economic oxygen pipeline.”
Law enforcement agencies and banks around the world such as BNY Mellon have been increasingly tracking crypto transactions to pinpoint and drop the hammer on financial criminals. Blockchain transaction tracking firm Chainalysis has determined that only a small portion of crypto funds are used in criminal activity, however.
Hamas has been accepting crypto donations since 2019 when economic sanctions began severely constricting its ability to fight against Israel.
The seizure of wallets was conducted with help from Israel’s National Bureau for Counter Terror Financing (NBCTF). The NBCTF conducted a similar seizure of Hamas crypto funds last July when it confiscated wallets containing Tether (USDT), Ether (ETH), Dogecoin (DOGE), XRP, Binance Coin (BNB), Zcash (ZEC), Litecoin (LTC), and other assets.
Crypto tracking firm Cyphertrace confirmed that the funds seized in July were used by al Qassam Brigades, a part of Hamas’s military.
Crypto-based philanthropy is by no means limited to funding terrorism. In the first two months of 2022, supporters of the Freedom Convoy in Canada and Ukraine’s resistance force against Russia have raised millions in crypto donations.
Related: US Treasury Dept lists digital currencies as part of effort to sanction Russia’s government
Last month, crypto exchange Binance suspended services and marketing to Israelis upon request from the Capital Market, Insurance, and Savings Authority. The suspension is likely to be in effect as long as the Authority reviews the status of Binance’s license to do business in the country.
Israel’s Defense Minister Benny Gantz has ordered the seizure of cryptocurrency funds raised by the Palestinian Islamist movement Hamas. His department has reportedly started taking control over digital wallets used by the terrorist group to collect crypto donations from abroad. Defense Ministry of Israel Targets Crypto Addresses Used by Hamas Minister Gantz approved the seizure […]
Hamas' efforts to raise funds via crypto had reportedly accelerated following the 11-day war between Israel and the organization in May of this year.
Israeli defense minister Benny Ganz has signed an order authorizing security forces to seize cryptocurrency accounts believed to be tied to the militant wing of Hamas, the de facto ruling authority of the Gaza Strip in Palestine.
Ganz has said that a joint security operation between the Ministry of Defense's National Bureau for Counter Terror Financing and the security forces had “uncovered a web of electronic wallets” thought to be tied to Hamas and its ongoing fundraising efforts using Bitcoin (BTC) and other cryptocurrencies.
Hamas' long-running efforts to raise funds via crypto had reportedly recently accelerated following the 11-day war between Israel and the organization in May of this year. In his statement, Ganz presented “the intelligence, technological and legal tools" that had enabled the authorities to intercept the funds as "an operational breakthrough.”
Details of the wallets seized by the ministry reveal that they contained Tether (USDT), Ether (ETH), Dogecoin (DOGE), XRP, Binance Coin (BNB), Zcash (ZEC), Litecoin (LTC) and multiple other altcoins. A significant number of wallets have been linked to named individuals but the majority have been designated by the authorities as anonymous.
Hamas has turned to cryptocurrencies due to its financial isolation, which stems from its classification as a terrorist organization, in whole or in part, by several countries and international blocs — including the United States and the European Union. Russia, Turkey and China are among those who do not designate Hamas as a terrorist entity.
Related: Hamas’ militant wing reportedly using multiple BTC wallet addresses to elude authorities
Having governed the Gaza Strip since 2007, the organization comprises a social service arm, “Dawah” and a militant wing, “Izz ad-Din al-Qassam Brigades,” the latter of which has been behind much of Hamas' documented Bitcoin fundraising activities. Over the years, the al-Qassam Brigades have evolved increasingly sophisticated strategies to prevent investigative authorities from red-flagging wallets associated with their campaign.
According to a cyber desk report from the IDC’s International Institute for Counter-Terrorism (ICT) published in 2020, digital wallets allegedly tied to both Hamas and the Iran-affiliated al-Nasser Salah al-Deen Brigades (the military wing of the Palestinian Popular Resistance Committees) had succeeded in raising almost 3,370 BTC over a four-year period.
