WEB3
by BSCN
October 11, 2023
Recent reports indicate that nearly $100 million in digital assets was received by militants in the 2-year build-up to Hamas’ assault on Israel.
According to Wall Street Journal, Hamas and its allies received some $93 million worth of cryptocurrency and digital assets in the lengthy build up to its direct assault on Israeli territories.
WSJ’s report cites evidence provided by leading cryptocurrency and blockchain analytics firm, Elliptic, and claims that Hamas, alongside its allies in the Palestinian Islamic Jihad and the Lebanese Hezbollah, were the recipients of a whopping $93 million worth of cryptocurrency, between the periods of August 2021 and June 2023.
According to reports by Business Today, Hamas originally endorsed cryptocurrency as a means of fundraising. However, in April 2023, the group claimed it would no longer accept Bitcoin-based contributions, owing to the “hostile” treatment of some of its donors.
The perceived involvement of cryptocurrency in the financing of terrorist groups may serve to decrease the credibility and reputation of the digital asset sector on the world stage. Indeed, the alleged involvement of blockchain technology during the ongoing war between Russia and Ukraine may further add to this.
However, in such times, it is important to remember that the impartial nature of blockchain and digital assets is also reflected in the more than $200 million reportedly raised in cryptocurrency to provide aid to Ukraine. Blockchain’s nature as a decentralized tool can mean it is available to those with malicious, as well as benign, intentions.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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