The Wall Street Journal Partially Corrects Article on Hamas Funding with Cryptocurrencies
The Wall Street Journal (WSJ) has issued a partial correction to an article that incorrectly stated the extent to which Hamas and other militant groups funded their terrorism activities with cryptocurrencies. The original article, titled “Hamas Militants Behind Israel Attack Raised Millions in Crypto,” cited blockchain forensics firm Elliptic’s report, which claimed that Palestinian Islamic Jihad (PIJ) raised $93 million between August 2021 and June 2023. However, Elliptic clarified that this did not mean the funds were used for terrorism financing.
Correction and Updated Information
In its correction, WSJ acknowledged that PIJ and Lebanese political party Hezbollah may have exchanged up to $12 million in cryptocurrency since 2021, as per Elliptic’s research. The updated article also included additional context about Elliptic’s findings. The correction followed a statement by Elliptic, urging WSJ to correct its misinterpretation of the data. Elliptic emphasized that cryptocurrency funding by Hamas remains relatively small compared to other sources of funding.
Reactions and Calls for Retraction
Coinbase’s chief legal officer, Paul Grewal, pointed out that WSJ’s opening paragraph still implies that cryptocurrency was the primary funding source for Hamas’ recent attack on Israel. Grewal stated that there is no evidence to support this claim. Others, including Nic Carter from Castle Island Ventures, are calling on U.S. Senator Elizabeth Warren to retract a letter backed by over 100 lawmakers. The letter referenced WSJ’s misinterpreted data to argue that cryptocurrency poses a national security threat.
Hot Take: Clarifying the Role of Cryptocurrencies in Terrorism Financing
The Wall Street Journal’s partial correction of its article on Hamas funding with cryptocurrencies highlights the importance of accurate reporting in the crypto space. While it is crucial to address concerns about illicit activities, it is equally important to provide a balanced perspective that reflects the actual scale and impact of cryptocurrency funding. Misinterpretations can lead to unfounded fears and unnecessary regulatory actions. It is essential for media outlets and policymakers to exercise caution when discussing the role of cryptocurrencies in terrorism financing and ensure that their claims are based on accurate and verified information.
By
By
By
By
By