Iran is frequently noted as one of the most substantial monetary supporters of Hamas, providing the militant group with critical financial resources. However, an investigation by US and international officials has named an alternative income source being leveraged by Hamas – online donations in cryptocurrencies.
The US Justice Department had already launched an inquiry into Hamas’s alleged use of cryptocurrency through suspected money laundering activities prior to the group’s unexpected attack on Israel. Although the majority of court filings relevant to this case are sealed, disclosures reveal that the case germinated from government-seized Hamas-linked cryptocurrency accounts.
Further, cryptocurrency addresses confiscated by Israel owing to purported links to Hamas and another Palestinian militant group are reported to be worth tens of millions of dollars. The unconventional use of such digital currency by Hamas is just one of their numerous strategies to accrue funds while avoiding interdictions.
Solicitations for donations have even surfaced, going unnoticed in plain sight. For instance, reports reveal that Hamas and associated terrorist collectives have posted their crypto wallet addresses on Facebook and other popular social media platforms, inviting people to donate. There were also instances where people have audaciously mentioned their financial aid to these groups.
As governments scramble to monitor and regulate these transactions, the military element of Hamas, the al-Qassam Brigades, announced its discontinuation of bitcoin fundraising to protect their patrons. But, evidence suggests that the group has not wholly halted such fundraising avenues.
Meanwhile, it remains unclear how much digital currency Hamas has amassed, but it’s certainly a significant sum, making them one of the “most successful initiators of cryptoasset-based fundraising”.
A prominent sponsor of Hamas, Iran, has been reported to provide up to a whopping $100 million annually to Palestinian terrorist factions. This reality has been masked by a labyrinth of shell companies, masked transactions, and other intricate financial maneuvers.
However, Iran is not alone in this villainous endeavour; several other Gulf Arab countries and Hamas’s own charity organizations have also supplied funds. The fundraising activities of Hamas also involve dark tactics like informal taxes and smuggling.
Regarding the legal war on this front, the family of Yitzchak Weinstock, a young American murdered by Hamas terrorists in 1993, obtained a legal ruling against Hamas. The difficulty was executing the judgment. Asher Perlin, the lawyer representing Weinstock’s family, found hope when the Justice Department publicized a crackdown on terror organizations using cryptocurrency. Still, Perlin voiced his frustration with the repeated delays in the case due to ongoing investigations.
In the earnest pursuit of justice and fairness, it’s of crucial importance for governments and law enforcement to thwart the ominous endeavours of organizations like Hamas, and stop their financial exploits, putting an end to such terrible acts of violence. The ceaseless war against terrorism continue but the game of cat-and-mouse can only be won with vigilance and indefatigability.
