Although Israeli authorities confirmed this Tuesday (10) the seizure of cryptocurrencies from the Hamas group, the statement did not reveal the amounts seized. In any case, an analysis of the Elliptical reveals that terrorists have received approximately R$474 million in cryptocurrencies in recent years.
According to one of the analytics firm’s first revelations, Hamas began accepting cryptocurrency donations in January 2019. However, the portfolios saw little movement until May 2021, when the situation changed due to the outbreak of a new conflict in the region.
“Al-Qassam Brigades (AQB) is the military wing of Hamas and has been designated a terrorist organization by several countries, including the United States and the European Union.”

Bitcoin donations to terrorists increased in subsequent years
Although Hamas’s fundraising campaign was a failure in its first two years, the terrorist group managed to gain support after the outbreak of a new armed conflict against Israel. The wallet that received a few thousand dollars in cryptocurrencies quickly reached $7.3 million.
In addition to Bitcoin, Elliptic has also tracked transactions for Ethereum (ETH), Tron (TRX), Tether (USDT), and even Dogecoin (DOGE). In May 2022, the terrorists’ portfolios peaked, receiving nearly $10 million in donations.
“Like many other Islamic terrorist groups operating in Gaza and the West Bank, the activity of wallets affiliated with the Palestinian Islamic Jihad Movement (PIJ) appears to be correlated with major escalations in the conflict.”

Regarding the drop in donations, noted in May this year, Elliptic highlights that Hamas stopped accepting cryptocurrencies in April. One of the reasons would be the transparency of the blockchain, which facilitates both the recognition of supporters of the cause and the final destination of cryptocurrencies.
“Following a new series of freezing orders by Israelis, Hamas announced to its supporters in April 2023 that it was no longer accepting cryptocurrency donations – recognizing that the use of cryptocurrencies made it vulnerable to the identification and seizure of funds.”
Hamas may accept cryptocurrencies again, Elliptic warns
Despite pausing its fundraising campaign to finance its barbarism, Elliptic warns that Hamas may soon resume accepting cryptocurrencies due to the escalation of the war.
“In light of the current conflict, it is reasonable to ask whether Hamas – and other groups in the region, such as PIJ – could return to [aceitar] cryptocurrencies as a fundraising mechanism”said Elliptical. “There is certainly a very real possibility that this will happen. The announcement of Israel’s freeze order on October 10 suggests that the group has continued to attempt to use cryptocurrency exchange accounts to this day.”
In any case, the transparency of Bitcoin and other cryptocurrencies seems to be the biggest challenge for terrorists and their supporters. It is therefore possible that they will opt for traditional methods, such as banking transactions, to finance their activities.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.