Israeli Police Freeze Hamas Cryptocurrency Accounts
The Israeli police cyber unit has taken action to freeze cryptocurrency accounts used by Hamas for fundraising purposes, according to the Jerusalem Post. This move is part of a larger effort to prevent funds from flowing into the hands of terrorist organizations, particularly during times of conflict.
An investigation by the cyber unit revealed that Hamas had launched an online campaign to raise funds during the recent conflict, encouraging the public to deposit cryptocurrencies into their accounts. These funds were likely intended to support the group’s activities.
Working with the National Headquarters for Economic Warfare, the Israeli cyber unit swiftly located and froze these cryptocurrency accounts. They also requested assistance from Binance in withdrawing the seized funds into the state treasury. Additionally, they collaborated with UK police to freeze an account held at Barclays Bank.
The cyber unit is actively searching for other financial infrastructures in cryptocurrencies used by terrorist elements.
Web3 Community Launches Crypto Aid Israel
In response to the ongoing conflict in Israel, the country’s crypto and Web3 communities have come together to establish “Crypto Aid Israel.” This initiative aims to raise funds to support displaced Israeli citizens who are in need of humanitarian aid due to the escalating conflict with Hamas.
Crypto Aid Israel has set up a multi-signature wallet, controlled jointly by multiple parties, to accept donations in various cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and stablecoins like USDT and USDC. Several Israeli banks and regulators are also facilitating the flow of these crypto donations, bridging the gap between crypto assets and traditional banking channels.
To ensure secure management of these assets, Fireblocks, a specialized crypto safekeeping firm, has been enlisted. The initiative has implemented a policy requiring consensus from at least four out of seven signatories to authorize fund movement, ensuring a transparent and secure process.
Prominent entities such as Fireblocks, MarketAcross, Collider Ventures, CryptoJungle, and the Israel Blockchain Association are supporting Crypto Aid Israel.
Hot Take: Israeli Police Freeze Hamas Cryptocurrency Accounts
The Israeli police cyber unit has taken swift action to freeze cryptocurrency accounts used by Hamas for fundraising during times of conflict. This is part of a broader effort to prevent funds from reaching terrorist organizations. The cyber unit’s investigation revealed an online campaign initiated by Hamas to raise funds through cryptocurrency deposits. Working with international partners and Binance, the Israeli cyber unit successfully froze these accounts and withdrew the seized funds into the state treasury. Meanwhile, in response to the conflict, Israel’s crypto and Web3 communities have united to establish Crypto Aid Israel. This initiative aims to provide humanitarian aid to displaced Israeli citizens through donations in various cryptocurrencies, with the support of local banks and regulators.
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