Cryptocurrencies have become a valuable asset for terrorist groups around the world. With their help, they recruit new supporters, acquire weapons and drugs. This causes serious concern in the United States, the EC and other states, including Israel.
The increasing pressure of regulators on crypto exchanges and currencies caused by the proliferation of cryptocurrencies among terrorist organizations. Most often they use Dogecoin, BTC, Tether and other currencies.
Israel vs. Hamas
To minimize Hamas activity, Israel’s National Bureau for Combating the Financing of Terrorism issued a special order. According to it, 84 crypto-addresses controlled by Hamas will be arrested.
According to the bureau, at least $ 7.7 million in cryptocurrencies concentrated at these addresses. Some of them are in the popular DOGE meme currency. Also on the addresses there is a stablecoin Tether, and BTC.
However, some addresses are part of large services and not all of these funds terrorism-related.
Elliptic co-founder Tom Robinson explained that among the identified addresses there are those belonging to brokers. And those that serve to replenish deposits on Bitcoin exchanges. He refused to elaborate on them.
It is not yet clear how exactly the confiscation will be carried out. Whether the private keys from the wallets will be obtained, or whether it is about something else.
It is worth noting that in the order of the Israeli Ministry of Defense there is a clause that the owner of the funds can send a request for the return of cryptocurrencies to the department. So, the funds will return only after proving the legitimacy of their origin and the lack of ties with terrorists.
The most active and numerous terrorist organization
According to reports, the arrest warrant indicates that the Hamas group, which identified as terrorist, is actively using cryptocurrencies.
It is worth recalling that Hamas considered one of the most active and numerous terrorist organizations. So, it has enough forces and means to carry out acts of terrorism and attacks on Israel.
Since the leadership of the group is under numerous sanctions, and cannot openly use the dollar or the euro, it has found a different approach.
Now Hamas accounts funded with cryptocurrencies. This allows it to continue to exist and threaten Israel. Donations in cryptocurrencies such as DOGE, BTC, Tether allow the organization to increase its activity in the region.
Whether the Israeli authorities will be able to cut off the cryptocurrency funding channel will become clear in the near future. Most likely Hamas will then find new ways to replenish its budget. The organization has plenty of supporters.
The cryptocurrency addresses, which identified by the Israeli authorities, linked to the militant wing of Hamas. So, it engaged in the preparation and implementation of terrorist attacks. Israel is counting on the fact that it will be possible to slow down the activities of Hamas for some time.
In this fight, one should not expect a quick and positive result, since terrorists will be able to find opportunities to obtain cryptocurrencies using other methods.