WSJ: Palestinian militants have received at least $134 million in cryptocurrencies

Since August 2021 through June this year, the groups Palestinian Islamic Jihad (PIJ), Hamas and Hezbollah have received enormous sums in digital assets. This, according to The Wall Street Journal.

According to Elliptic, PIJ holds more than $93 million in cryptocurrency. A study by the Israeli firm BitOK puts Hamas-linked wallets at about $41 million.

Digital assets were also used by the Lebanese group Hezbollah, which received roughly $12 million from PIJ.

Experts have not been able to determine whether the cryptocurrency obtained by the terrorists was used directly to finance the recent attack on Israel.

The exact amount of confiscated assets has not been established. However, researchers believe the seized funds constitute a very small percentage of the total volume.

According to analysts, the enormous sums in cryptocurrency point to successful efforts by Israeli and U.S. authorities to curb terrorist financing. Almost all paths to traditional money for banned groups are either blocked or closely monitored.

Nevertheless, digital assets have become one of Hamas’s main tools, alongside cash deliveries into Gaza from Egypt.

“Cryptocurrency is another string to the bow for [terrorists],” said the cryptocurrency and illicit-financing expert at ACAMS, Joby Carpenter.

Experts also note that Hamas has stopped publishing addresses publicly to preserve donor anonymity.

The situation inside Israel is also worsening and affecting local crypto firms. Alon Muroch, founder of the Ethereum-staking SVV Network, said he had been drafted into the army.

I got drafted, situation on the ground is significantly worse than described.
Massacre is the only word that comes to mind. 90% civilians (families)

We are turning the tables, it won’t be short nor pretty.

— Alon Muroch (@AmMuroch) October 11, 2023

“I was drafted, the situation on the ground is far worse than described. Massacre is the only word that comes to mind,” wrote the developer.

Earlier, The Times Of Israel reported that Hamas’s crypto accounts were frozen by the Israeli Police cyber unit Lahav 433. Binance helped authorities with the freezes.

Earlier in June, the Israeli government seized funds from cryptocurrency wallets linked to the financing of Hezbollah and the IRGC-Quds Force.

According to the media, since December 2021 local authorities blocked 189 accounts on Binance, presumably linked to ISIS and Hamas.