Israel Confiscates Millions of Dollars in Cryptocurrency Linked to Terrorist Groups

The Israeli government has confiscated funds from cryptocurrency wallets that were used in alleged financing schemes for the Hezbollah movement and the IRGC’s Quds Force, AP reports.

Both organisations are designated as terrorist organisations by several countries and have been cut off from the traditional global financial system.

The sum seized totals millions of dollars in undisclosed digital assets. It marks the first operation of its scale to seize cryptocurrency in the country.

According to Israeli Defence Minister Yoav Gallant, Hezbollah and the Quds Force rely on virtual currency to fund their combat operations because of its anonymity and the apparent difficulty of tracing.

“The current operation should serve as a warning to sponsors of terrorism, as Israeli authorities have developed tools and methods for identifying blockchain transactions,” he said.

Since December 2021, Israeli authorities have confiscated 189 accounts on the Binance cryptocurrency exchange, allegedly linked to terrorist groups ISIL and Hamas.