A Blockchain Analysis Firm Discredits Claims of Hamas Raising Crypto Donations
Blockchain analysis firm, Elliptic, has refuted claims that the Palestinian militant group Hamas raised significant amounts of donations through digital asset fundraising campaigns. According to Elliptic, there is no data to support portrayals of crypto as a major funding source for Hamas and other terrorist organizations.
The Wall Street Journal previously published an article suggesting that Hamas had raised millions in funding through crypto. This report was then cited by US lawmakers in a letter to the White House and the US Department of the Treasury, highlighting concerns about the use of crypto to finance terrorism.
Elliptic states that there is no evidence to suggest that Hamas and the Palestinian Islamic Jihad (PIJ) received $130 million worth of crypto donations between August 2021 and June 2023. The firm argues that the actual amount raised is significantly lower than what has been reported.
Elliptic further explains why crypto is not an effective tool for terrorism fundraising. The transparency of blockchain technology allows illicit funds to be traced and linked to real-world identities. Additionally, centralized services such as exchanges and stablecoins comply with law enforcement requests to freeze funds associated with illicit activities.
Hot Take: No Evidence of Hamas Utilizing Crypto for Significant Fundraising
Blockchain analysis firm Elliptic has debunked claims that Hamas, a Palestinian militant group, raised substantial amounts of money through crypto fundraising campaigns. Despite allegations made in a Wall Street Journal article, Elliptic asserts that there is no data to support the notion that crypto serves as a primary source of funding for terrorist organizations like Hamas. The firm also clarifies that the reported figures suggesting $130 million in crypto donations received by Hamas and the Palestinian Islamic Jihad are inaccurate. According to Elliptic, blockchain technology’s transparency makes it possible to trace illicit funds and link them to real-world identities. Furthermore, centralized crypto services typically cooperate with law enforcement requests to freeze funds associated with illicit activities.
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