Thursday, May 19, 2022

Israeli authorities seized 30 crypto wallets linked to the terror organization Hamas.

The Takeaway:

Digital wallets allegedly used by Hamas were seized by Israeli authorities, closing down funding methods for the Gaza-based terror group.

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According to the Times of Israel report, digital wallets allegedly used by Hamas were seized by Israeli authorities, closing down funding methods for the Gaza-based terror group, the Defence Ministry said Monday. Defence Minister Benny Gantz approved the seizure of some 30 cryptocurrency wallets from 12 accounts owned by an exchange company based in the Gaza Strip, which has since been declared a terror group by the ministry.


Israel’s defence ministry revealed the names of companies linked to Hamas. 

According to the country defence ministry, the company — al-Mutahadun — owned by the Shamlah family “assists the Hamas terror group, and especially its military wing, by transferring funds amounting to tens of millions of dollars a year.” Funds linked to the Shamlah family have been targeted several times in the past by Israeli authorities. With an estimated value of tens of thousands of shekels, the cryptocurrency was confiscated in a joint effort by the Defense Ministry, police, and military.

“We continue to expand our tools to deal with terrorism and with companies that supply it with an economic oxygen pipeline,” defense minister Benny Gantz was quoted as saying in a statement.


Hamas had appealed for donations from supporters using crypto.

“I would like to congratulate all the organizations on their intelligence, operational and legal cooperation. We will continue to work together in order to fight terror by any means and in any way,” the defense minister added. In 2019, Hamas issued an appeal for donations from supporters via Bitcoin to help counter its financial woes. Months later, it launched an experimental program using a complex cryptocurrency system to raise money from international donors. In recent years, it has faced financial woes as banks have sought to ensure they have no dealings with the organization. Several other terror organisations were reported seeking crypto donations. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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