• Tue. Oct 3rd, 2023

Israel Strikes at Bitcoin Funding To Hamas

Jul 11, 2021

The Government of Israel has decided to strike at the very core of its worst enemy i.e. by going after the funding Hamas was receiving in the form of Bitcoin donations. Benny Gantz, the Minister of Defense, has ordered the authorities to immediately seize the crypto funding coming in for Hamas in order to ensure that Hamas cannot by weapons to cause mass destruction against Israel.

In May and June 2021, Israel and Hamas came face to face in a war that resulted in sending off missiles against each other. However, the anti-missile system installed by Israel proved once again very effective. Israel’s missile defense system, “Iron Dome”, destroyed 200 missiles launched from Hamas aimed towards civilian areas. Luckily, no civilian damage was caused on the Israeli side. However, when Israel retaliated by sending rockets in response, massive destruction was caused in Gaza. Hundreds of civilians in Gaza were dead and hundreds of families lost their homes while thousands have been displaced.

But thereafter, with the intervention of the UN and international pressure, a ceasefire was implemented on both sides. However, Israel had grown concerns as to how come Hamas was able to get the missiles. It is rumored that Hamas is heavily funded by Iran – a friendly Islamic state in the region. It was also found out by the Israeli authorities that Hamas was receiving funding through crypto i.e. Bitcoin donations.

Now in an attempt to curtail that crypto funding, the Government of Israel has come up with a plan. According to the plan, which has been further confirmed by Israel’s Defense Minister, Benny Gantz, the authorities would go after Hamas’s funding. The Minister for Defence has issued orders to authorities to ensure that no funding in any of cryptocurrencies should reach Hamas. If any crypto funding is found, then the authorities have been ordered to seize them on the spot.

Gantz has also said held a meeting with the top officials of the National Bureau for Counter Terror Financing on the issue. During the meeting, the officials of the Bureau have handed over the list of digital wallets. According to Bureau the wallets contained in the list are those wallets which are used for receiving terror funding by Hamas. Transactional data of these digital wallets too have been handed over to the Defense Ministry. The data shows that the majority of donations coming in are in the form of Bitcoins.

The Ministry of Defense is of the view that Hamas is stockpiling this crypto funding in a facility located in Gaza Strip. This is the area that is entirely under the control and authority of the Islamist militant group, Hamas. It was pointed out by Israel’s Defense Ministry that Hamas was utilizing crypto resources for its military wing called, Al Qassam Brigades. With the seizure is now in place, the most affected party of the initiative is going to be Al Qassam Brigades.

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