Israel seized millions in BTC and DOGE that was reportedly controlled by the Terrorist ORganization Hamas, according to the recent analysis so let’s read more in our latest cryptocurrency news today.
The Islamic terrorist group Hamas used a lot of crypto including Bitcoin, Ether, Doge, Tether, and others. Israel’s National Bureau for Counter Terror Financing ordered the confiscation of 84 crypto addresses that were likely linked with Hamas. The analysis showed that these digital wallets receiving more than $7.7 million in crypto. Israel’s Minister of Defense, Benjamin Gantz signed a seizure order of 84 crypto wallets that the officials reportedly linked to Hamas and according to the Israeli governemnt, these addresses were used in terror-related activities which is why Israel seized millions.
The London-based blockchain analysis platform Elliptic LTD revealed that the alleged crypto wallets received $7.7 million in crypto but it is worth noting that not all addresses should be related to the terrorist organization as they are also a part of a much bigger network:
“Some of the addresses are part of larger services and not all of these funds may be associated with terrorism. When calculating this figure we excluded funds sent to addresses known to be used by services such as exchanges to receive deposits from multiple users.”
Elliptic asserted that most of the wallets were linked with Al-Qassam Bridges known to be a military wing of Hamas but the addresses were then employed for a fundraising campaign between 2019 and 2021 which raised up to $100,000 in BTC. As per the seizure order, it became clear that Hamas used plenty of crypto including bitcoin, Tron, ETH, and DOGE while Tether ranked first as the most issued digital asset by Hamas. The Islamic State of Palestine is going through a turbulent time and due to to the complex historical and cultural differences, the countries declared war on each other.
Furthermore, the Jewish country didn’t recognize the existence of the State of Palestine and imposed financial control on the region. Relying on a mixed economy where Israeli Shekels, Jordanian Dinars, and the US are moving in and out, the Palestinian Monetary Authority contemplated issuing new sovereign digital currencies. Some experts opined:
“As a result, they [the Palestinians] sometimes have to borrow to cover foreign exchange payments to third parties and are stuck with a glut of Israeli banknotes. That could be one reason a digital currency would be attractive to the Palestinian monetary system.”
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