Crippling Hamas' Crypto-Funding: US DOJ Seizes $200k in Cryptocurrency
Federal Government Confiscates $200,000 worth of Cryptocurrencies Suspected to Fund Hamas' Monetary Infrastructure
The US Department of Justice (DOJ) has hammered a significant blow to Hamas' financial resources, seizing approximately $200,000 worth of cryptocurrency intended to support the terrorist organization.
The cryptocurrency, in the form of USDT, was traced back to Hamas fundraising addresses, which have laundered over $1.5 million since October 2024, according to the DOJ.
A group chat on an encrypted platform served as the hub for Hamas supporters worldwide, providing them with at least 17 dynamic cryptocurrency addresses to contribute to the cause.
The Crypto Laundering Scheme
The laundering process involved a series of virtual currency exchanges and transactions. The operation manipulated suspected financiers and over-the-counter brokers to move the funds through the financial system.
Authorities seized a total of $196,400 in cryptocurrency. This included wallets valued at approximately $89,900 and three accounts containing over $111,500, registered to Palestinian individuals living in Turkey and other countries.
The War on Terror – A Financial Battle
Sue J. Bai, head of the Justice Department's National Security Division, emphasized the government's stance: "At Attorney General Pam Bondi's direction, the Department of Justice is committed to dismantling Hamas using every tool at our disposal."
The FBI Special Agent in Charge Raul Bujanda of the Albuquerque Field Office underlined the importance of financial measures against terrorism: "By successfully disrupting access to these funds, we have weakened their ability to function."
These actions mark the US's ongoing fight against terrorist financing, incorporating cryptocurrency and international networks. Last year, the U.S. Treasury Department investigated $165 million in crypto transactions that allegedly supported Hamas before its 2023 attack on Israel.
The U.S., in collaboration with international partners, seeks to enhance sanctions against entities supporting terrorist groups like Hamas and utilizes statutes like Executive Order 13224 to identify and freeze assets linked to foreign terrorist organizations. The investigation into this matter remains ongoing.
Sources:
- US Department of Justice Press Release
- Cointelegraph
- Reuters
- Foreign Policy
- Chainalysis Report
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Investors in the cryptocurrency market should be aware that the US Department of Justice (DOJ) has successfully seized over $196,400 worth of cryptocurrency as part of its ongoing battle against terrorist financing, specifically targeting Hamas. The DOJ's efforts to disrupt Hamas' financial resources and ostensibly weaken its functional capabilities are a testament to the growing importance of monitoring and tracking cryptocurrency transactions in the fight against terrorism.
