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Hamas Military Arm Still Calling For Crypto Donations
The cryptocurrency funding network of the terrorist organization Hamas is continuing to operate, according to recent reports. The U.S. Department of Justice broke down the network in 2020, but it looks like it hasn’t stopped the organization.
Uzma D.
8:15 21st Mar, 2022
Bitcoin

Sunni-Islamic fundamentalist, militant, and nationalist organization Hamas is continuing to operate its illicit bitcoin network, as revealed in a tweet by research analyst Joe Truzman. Hamas’ effort to raise funds via cryptocurrencies was knocked down by The U.S. Department of Justice (DoJ), but the messages show that it is still calling for bitcoin donations.

The message was posted on the Telegram channel, which has about 180,000 followers. The organization asked its followers to send BTC to an address that it owns. It’s clear that the U.S. designated Foreign Terrorist Organization (FTO) is persisting in its cryptocurrency funding network, despite the efforts of the U.S. government.

The DoJ took action in August 2020 to break down the group’s funding means, in which there were several networks. The DoJ worked with IRS, HSI, and FBI agents to seize 150 cryptocurrency accounts that were used to launder funds.

The Hamas organization first moved towards the use of cryptocurrencies in 2019which it saw as a long-term solution to its funding problems. Israel’s government has been employing surveillance techniques to crack down on illicit activities and transactions, seizing over $800,000 in cryptocurrencies in late Dec. 2021. This was followed by the seizure of 12 crypto accounts related to terror groups.

Governments are cracking down on illicit activities and funding, as crypto has become an effective source to circumvent laws and restrictions. This narrative first came to the fore this year when the Canadian trucker convoy saw the government execute an emergency order that involved financial restrictions on crypto.

There is also an intense debate going on about the potential for Russia to use crypto to avoid the effects of the economic sanctions imposed on it. The European Union has gone on to say that the sanctions include cryptocurrencies, and many governments are doing the same, namely ensuring to include crypto in their financial considerations.

Most crypto entities comply with orders relating to restricting the use of or freezing of accounts given by governments in unique cases like that of Russia.

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