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There is an ongoing Israeli-Palestine military and political conflict in the Levant and United States Senator Elizabeth Warren believes that cryptocurrencies have a part in the war.
Hamas and its Crypto Links
The conflict has been going on for so many years but last week there was an intense massacre after Hamas launched several devastating attacks from Gaza into Israel. This was classified as one of the most severe escalations of the conflict since it began many years ago. The “surprise” operation has left many wondering where the funds to carry it out came from.
There is a significant level of speculation that the funding is largely tied to digital assets. Upon investigation into Israeli government seizure orders and blockchain analytics reports, it was discovered that there has been huge outflows of funds to some military groups including Hamas, Palestinian Islamic Jihad, and Hezbollah, Palestine’s Lebanese ally.
For context, a crypto wallet linked to the Palestinian Islamic Jihad (PIJ) is reported to have received up to $93 million in cryptocurrency between August 2021 and June of this year. There was also a fraudulent transfer of Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH) worth about Rs 30 lakhs from an Indian crypto wallet to wallets that belong to the Al-Qassam Brigades.
Notably, the Al-Qassam Brigades is the military wing of the Palestinian organization Hamas. In the course of the investigation, the wallets (one belongs to Mohammad Naseer Ibrahim Abdulla) were seized by Israel’s National Bureau for Counter Terror Financing.
With all of these transactions, policymakers including Senate Banking Chair Sherrod Brown and Senator Elizabeth Warren are trying to outline the role crypto played in the Israeli-Palestine attacks.
Sen Elizabeth Warren Pushing Crypto Regulator
In the light of these conflicts linked to digital assets, it is likely that Senator Warren will intensify efforts to push the bill that tackles the problem of money laundering and terrorism financing by pushing for the regulation of the crypto market.
Speaking at an interview, she said “The danger of crypto-financed terrorism is real and should be an urgent priority for Congress. There’s a growing bipartisan coalition of senators who are committed to passing this bill and fighting back against terrorism worldwide by choking off the financing.”
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