Clarification on Cryptocurrency Funding for Hamas, Says Elliptic
Blockchain analytics firm Elliptic has released a statement debunking claims that terrorist organization Hamas has received significant cryptocurrency donations. The firm addressed the lack of substantial evidence supporting these allegations, which gained traction after an article in the Wall Street Journal suggested that Hamas militants had raised millions in crypto.
Elliptic’s analysis shows that public crypto fundraising campaigns by Hamas have not received substantial donations. Pro-Hamas news outlet Gaza Now only received $21,000 in cryptocurrency donations since October 7, with $2,000 being sent to an exchange and around $9,000 frozen by Tether. This is in stark contrast to the reported $130 million figure cited by lawmakers.
Hamas Ceased Public Crypto Fundraising
Hamas had previously sought Bitcoin donations since 2019, but they halted public crypto fundraising in April 2023 due to donor safety concerns. This decision followed law enforcement actions by the US and Israel, including seizure orders for Hamas-associated crypto wallets and collaboration with exchanges to freeze related accounts.
Exaggerated Figures and Misrepresentation
Analysis conducted by Elliptic and Chainalysis reveals exaggerated figures in media reports regarding cryptocurrency’s role in funding terrorism. For example, one wallet that was said to have received $82 million only had $450,000 associated with terrorism. This highlights the misrepresentation of facts surrounding this issue.
Crypto Fundraising for Humanitarian Causes
While there is scrutiny on Hamas’s crypto funding, there is also thriving crypto fundraising for humanitarian causes in Israel. Crypto Aid Israel has amassed over $185,000 in cryptocurrency donations to aid those affected by the attacks, showcasing the positive impact of cryptocurrencies.
The Importance of Nuanced Analysis
Elliptic emphasizes the importance of nuanced blockchain analysis to avoid misinformation. The firm is committed to preventing the illicit use of crypto assets and advocates for balanced understanding and reporting on the complex issues surrounding cryptocurrency and terrorism financing.
Hot Take: Debunking Misconceptions Surrounding Cryptocurrency Funding for Hamas
Recent claims regarding significant cryptocurrency funding for Hamas have been clarified by blockchain analytics firm Elliptic. The firm highlights the lack of substantial evidence supporting these claims and provides analysis that contradicts exaggerated figures in media reports. While scrutiny on Hamas’s crypto funding continues, there is also a thriving crypto fundraising effort for humanitarian causes in Israel, demonstrating the positive potential of cryptocurrencies. It is crucial to conduct nuanced blockchain analysis and avoid misinformation when discussing the multifaceted issues surrounding cryptocurrency and terrorism financing.
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