Israel’s defense minister ordered the seizure of the cryptocurrency valued at more than $ 800,000. According to him, these funds were intended to finance the military activities of the Islamist movement Hamas.
Measures taken by the Israeli authorities
The initiative of Israeli Defense Minister Benny Gantz deprived the Islamist movement Hamas, in power in Gaza, of one of its funding channels. Gantz ordered the seizure of the cryptocurrency in the amount of more than $ 800,000, suspecting that it was intended to sponsor the military activities of a banned organization. The funding network was discovered through the joint efforts of the Israel Defense Ministry, the National Counterterrorism Headquarters, the Cybercrime Division of the Serious Crimes Bureau, and the Cyber Division of the Public Prosecutor’s Office.
The Minister of Defense has ordered the arrest of crypto wallets belonging to suspects of sponsorship of a terrorist organization. They have traded for several years, transferring bitcoin and other cryptoassets.
Cross-referencing of funding channels
In 2019, the IDF destroyed Hamed Ahmed Khudari, who was transferring cryptocurrency to finance jihad and Hamas, in the Gaza Strip. These funds were used to buy weapons.
In early 2020, the United States Department of Justice announced the end of the terrorist financing campaigns organized by the military wing of Hamas (“Al-Qassam Brigade”), Al-Qaeda and the Islamic State of Iraq and the Levant, known as Daesh. They have posted videos on how to use cryptocurrency to make anonymous payments.
US authorities, including the Internal Revenue Service (IRS) and the Federal Bureau of Investigation (FBI), monitored and shut down crypto accounts suspected of funding banned organizations. During the transaction, more than 300 accounts were shut down and millions of dollars in cryptoassets were seized.
Such cases negatively affect the reputation of cryptoassets. In addition, the risks associated with crime prevent authorities in different countries from being more loyal to cryptocurrency. Hopefully in the near future the authorities will be able to find ways to prevent such situations.
Receive a summary of the news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss out on Cointribune essentials!
The blockchain offers so many possibilities! After NFTs and the metaverse, who knows what this technology can still offer us? This universe fascinates me and I love to read and write about it. I wish you so much fun reading me!