The Israeli Police Take Action Against Hamas’ Use of Cryptocurrency

The Israeli Police Take Action Against Hamas’ Use of Cryptocurrency

Hamas’ Cryptocurrency Fundraising Campaign

The Israeli police cyber unit, known as Lahav 433, has taken decisive action against the terrorist organization Hamas by freezing its cryptocurrency accounts used for fundraising via social media. This operation is part of a wider effort to disrupt the flow of funds into the hands of Hamas, particularly during times of conflict.

During their investigation, the cyber unit discovered that Hamas had launched an online fundraising campaign at the start of the recent conflict, urging the public to deposit cryptocurrencies into their accounts. It is believed that these funds were intended to support the organization’s activities. Swiftly responding to this threat, the Israeli police cyber unit, in partnership with the National Headquarters for Economic Warfare, successfully located and froze these cryptocurrency accounts.

“Authorities asked Binance to facilitate the process of withdrawing the seized funds into the state treasury.”
– Jerusalem Post

In addition to their local efforts, the Israeli cyber unit collaborated with the UK police to freeze an account held at Barclays Bank, further crippling Hamas’ financial activities. The unit remains committed to actively hunting down any financial infrastructures within the crypto space that are used by terrorist elements.

The Crypto Aid Israel Initiative

Amidst the ongoing conflict with Hamas, the crypto and Web3 communities in Israel have united under the “Crypto Aid Israel” initiative. The primary objective of this initiative is to raise funds to support Israeli citizens who have been displaced and are in urgent need of humanitarian aid.

Crypto Aid Israel has established a multi-signature wallet, jointly controlled by multiple parties, to receive donations denominated in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and dollar-linked stablecoins such as USDT and USDC. To ensure a smooth flow of these crypto donations, several Israeli banks and regulators have also stepped in to bridge the gap between crypto assets and traditional banking channels.

Recognizing the importance of secure management of these cryptocurrency assets, Crypto Aid Israel has partnered with Fireblocks, a specialized crypto safekeeping firm. Their expertise ensures a strict policy that requires the consensus of at least four out of seven signatories to authorize any movement of funds out of the wallet, offering a transparent and secure process.

Members of the alliance supporting Crypto Aid Israel include reputable entities like Fireblocks, MarketAcross, Collider Ventures, CryptoJungle, and the Israel Blockchain Association.

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