Israel has seized millions of dollars worth of cryptocurrency in digital wallets believed to be connected to Iran’s Quds Force and Hezbollah. These groups have been using cryptocurrencies to move money secretly and fund attacks. The seizure represents a significant step towards effectively tracking digital assets, as it is the largest seizure of cryptocurrency from these groups to date. Israel’s Defense Minister, Yoav Gallant, stated that these groups have been using cryptocurrency to finance their activities since the beginning of the year, allowing them to bypass international sanctions. Israeli security agencies were able to trace the accounts back to the groups through transactions. The exact amount seized was not disclosed but was in the millions of dollars. The funds have been sent to the treasury of the State of Israel. Israel has also recently seized accounts linked to the Hamas terror group and ISIS on the Binance platform. The successful seizure highlights that it is still possible to follow the digital trail despite the decentralized nature of cryptocurrencies.
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