In efforts to disrupt Hamas’s financial support, Israeli officials have taken decisive actions by confiscating a significant sum of cryptocurrency. Over 100 accounts on Binance, a global cryptocurrency exchange, were closed following the intensification of Hamas’s operations on October 7. Furthermore, investigations are underway into an additional 200 accounts. Tom Alexandrovich of the Israel National Cyber Directorate highlighted the increasing use of cryptocurrencies in financing terrorism.
Additionally, since the beginning of the conflict, there has been a notable rise in cryptocurrency funds associated with it. Notably, Tether, a prominent cryptocurrency entity, has suspended 32 addresses linked to terror activities, holding assets valued at over $873,000, both in Israel and Ukraine.
Around 150 funding campaigns connected to Hamas and similar groups have been identified by Israeli authorities since October 7. While the Israeli police have confirmed the freezing of several Hamas-related accounts, they have remained silent on actions concerning Binance.
The linkage between cryptocurrencies and the financing of terrorism has been recognized previously. Binance’s accounts have been connected to Hamas by US financial overseers in the past. A lawsuit from the Commodity Futures Trading Commission in 2019 implied Binance’s prior knowledge of transactions related to Hamas. The scrutiny of cryptocurrency accounts with potential links to terrorism has been ongoing in Israel, with a notable increase in intensity, particularly in relation to Binance.
To further their efforts, the Israeli government is actively encouraging the public to report any suspicious cryptocurrency transactions. Since 2021, substantial sums of cryptocurrency believed to be connected to Hamas and other extremist organizations have been seized by Israeli authorities.
