No Evidence of Crypto Funding for Hamas Attacks, Says Elliptic
Blockchain analytics firm Elliptic has released a report stating that there is no evidence to support claims that militant group Hamas raised millions of dollars in cryptocurrency to fund their attacks on Israel. The report counters an article by the Wall Street Journal that initially claimed Hamas received $130 million worth of crypto donations but later corrected it to $93 million. Elliptic reached out to Senator Elizabeth Warren and engaged with the Wall Street Journal to correct these misinterpretations. While Hamas has received some crypto donations, the amounts remain small. In contrast, Israel has received over $185,000 in crypto donations through Crypto Aid Israel.
Chainalysis Also Corrects Misconceptions
In addition, blockchain analysis firm Chainalysis addressed misconceptions about the amount of crypto donated to terrorism-affiliated wallets in a blog post. They clarified that out of $82 million received by a specific wallet, only $450,000 went towards terrorism financing. The report highlighted how blockchain technology makes crypto transactions traceable and less suitable for illicit activities.
Hot Take: Minimal Impact of Crypto Funding on Terrorism
The reports from Elliptic and Chainalysis emphasize the limited impact of crypto funding on terrorist activities. While there have been some instances of crypto donations to groups like Hamas, the amounts raised are relatively small compared to other funding sources. Blockchain technology enables greater transparency and traceability, making it harder for illicit activities to thrive within the crypto ecosystem. It is crucial to separate fact from speculation when discussing the role of cryptocurrencies in terrorism financing.
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