According to Blockchain surveillance firm Elliptic, claims made by the Wall Street Journal (WSJ) that Hamas terrorists have raised tens of millions of dollars using cryptocurrency are not supported by evidence. The WSJ previously cited Elliptic in stating that Hamas and Palestinian Islamic Jihad (PIJ) had collectively raised $130 million through blockchain-based means. However, Elliptic has clarified that there is no significant evidence to support this assertion, and that the amounts raised through cryptocurrency remain small compared to other funding sources. One reason for the confusion may be the misinterpretation of prior Elliptic analysis, which showed that frozen wallets linked to PIJ had received transactions totaling $93 million. However, it is unclear whether these funds actually belonged to the terrorist group, as they may have been owned by small service providers used by PIJ.
Elliptic highlighted the weakness of cryptocurrency as a funding tool for terrorism, citing the example of Hamas’s crypto fundraising program that was forced to end due to successful efforts by authorities to punish donors. Israeli police also recently announced the seizure of $1.7 million in cryptocurrency from Hezbollah-linked accounts. Elliptic noted that since the recent attack by Hamas on Israeli civilians, Gaza Now, a pro-Hamas news organization, has raised only $21,000 in cryptocurrency, which has already been frozen by compliant Crypto Exchanges and Tether.
The exaggeration of the figures regarding Hamas’s crypto fundraising may have been the result of misunderstanding Elliptic’s analysis. This misinformation was then cited by U.S. Congress in a letter to the White House, led by Senator Elizabeth Warren, calling for more action to prevent crypto-related terrorist financing. Warren has previously advocated for regulations to address crypto drug criminals and tax cheats..
#Elliptic #Addresses #WSJ #Claims #Crypto #Terrorist #Financing
Elliptic highlighted the weakness of cryptocurrency as a funding tool for terrorism, citing the example of Hamas’s crypto fundraising program that was forced to end due to successful efforts by authorities to punish donors. Israeli police also recently announced the seizure of $1.7 million in cryptocurrency from Hezbollah-linked accounts. Elliptic noted that since the recent attack by Hamas on Israeli civilians, Gaza Now, a pro-Hamas news organization, has raised only $21,000 in cryptocurrency, which has already been frozen by compliant Crypto Exchanges and Tether.
The exaggeration of the figures regarding Hamas’s crypto fundraising may have been the result of misunderstanding Elliptic’s analysis. This misinformation was then cited by U.S. Congress in a letter to the White House, led by Senator Elizabeth Warren, calling for more action to prevent crypto-related terrorist financing. Warren has previously advocated for regulations to address crypto drug criminals and tax cheats..
#Elliptic #Addresses #WSJ #Claims #Crypto #Terrorist #Financing