Hamas and Palestinian Groups Amass Millions in Cryptocurrency Donations, Challenging Financial Oversight


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  • 4 months ago
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According to a report based on data from The Wall Street Journal's forensic firm Elliptic and Tel Aviv software company BitOK, the Hamas terrorist organization and its affiliates received millions in cryptocurrency donations.
According to a report based on data from The Wall Street Journal's forensic firm Elliptic and Tel Aviv software company BitOK, the Hamas terrorist organization and its affiliates received millions in cryptocurrency donations. Elliptic stated that the Palestinian Islamic Jihad received $93 million in cryptocurrency between August 2021 and June 2023. The report also indicated that Hamas received approximately $41 million during the same period. Cryptocurrency is often seen as a subversive financing method for groups and nations that seek to bypass the US-controlled global financial system. For example, North Korean hackers earned millions in cryptocurrency by hacking various protocols and projects. Due to the privacy-oriented nature of many cryptocurrencies, tracking these fund flows is challenging and raises concerns among government agencies. Israeli Defense Minister Yoav Gallant told The Wall Street Journal, "This is not an easy task." CoinDesk reported in June that the militant wing of Hamas, the Izzeddin El Qassam Brigades, had received up to $100,000 worth of Bitcoin (BTC) since the beginning of 2021. Data obtained from three blockchain analysis firms and CoinDesk's analysis suggested that Binance played a central role in these transactions. However, cryptocurrency is not the primary source of funding for Hamas and affiliated groups like the Lebanese Islamic Jihad and Hezbollah. According to the US government, Iran is by far the largest funding source, providing around $100 million annually.
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