Israel Starts Seizing Bitcoin Being Used by Hamas

Published July 9, 2021 | Updated July 9, 2021

Source: BBC

Israel Starts Seizing Bitcoin Being Used by Hamas

The Israeli government has announced the foreseeable takedown of Palestine’s most prominent militant group, Hamas’s Bitcoin network, and cryptocurrency accounts. Israel has speculated that Hamas has been raising money in cryptocurrency to fund military operations against the Jewish nation. Hamas is a Palestinian militant group that controls the Gaza strip. 

As reported by WGN Radio 750,

“Law enforcement officials seized more than 150 cryptocurrency accounts that they say laundered funds to and from accounts operated by the group.”

Benny Gantz, Israel’s Defence Minister spoke at the bilateral conference with Secretary of Defense Lloyd Austin in the Pentagon, Washington. Gantz said that he had directed Israel’s defense forces to capture and take down the Hamas crypto accounts.

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After a joint operation, the ministry said that they have,uncovered a web of electronic wallets” that were being used by the Hamas group to raise funds in form of Bitcoin and other cryptocurrencies to strengthen their military forces. Gantz claimed that the Palestinian militant group has been organizing online campaigns to raise funds for the Palestinian army since the occurrence of the 11-day long Gaza attacks in May 2021. The funds were being collected in form of decentralized currency to prevent tracking by Israeli authorities.

“The intelligence, technological and legal tools that enable us to get our hands on terrorists’ money around the world constitute an operational breakthrough,” said Gantz

US Crypto accounts Sweep

US justice department had pursued a similar sweep during 2020, against terrorist organizations like Al-Qaeda and ISIS. These groups had cryptocurrency accounts set up that used to support the financial requirements of their armed activities.

The US revealed that over $2 million in cryptocurrencies were acquired from these terrorist organizations. However, the investigation was furthered, and Hamas also became part of the US Justice Department’s speculations. Hamas, which occupied Gaza with rival Palestinian troops in 2007 and fought four wars with Israel, is considered a terrorist group by Israel and the Western nations.

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Palak Malhotra 62 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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