WSJ Crypto Article Controversy About Funding Report On Hamas Was Corrected

Key Points:

  • The WSJ crypto article has been corrected for Hamas funding.
  • The original report mischaracterized the extent of cryptocurrency funding.
  • Blockchain firm Elliptic disputes significant crypto donations to Hamas.
The Wall Street Journal (WSJ) has issued a partial correction and edited its article titled “Hamas Militants Behind Israel Attack Raised Millions in Crypto.” Cointelegraph first reported the news.
WSJ Crypto Article About Funding Report On Hamas Gets corrected

WSJ’s Correction and the Cryptocurrency Controversy

The initial report, published on October 10, mischaracterized the extent to which Palestinian Islamic Jihad (PIJ) funded its terrorism activities through cryptocurrencies, citing blockchain forensics firm Elliptic.

Elliptic clarified that Israel’s counter-terrorism unit seized PIJ-linked wallets containing $93 million. Contrary to previous claims, Elliptic stated that there is no significant volume of cryptocurrency donations supporting Hamas’ attacks against Israel in the WSJ crypto article. The firm emphasized that the amounts raised through crypto donations for such purposes were “tiny.”

Additionally, Elliptic highlighted a Hamas fundraising campaign run by Gaza Now, a pro-Hamas news outlet, which raised $21,000 since the recent Hamas attack on Israel. Out of this amount, only $450,000 was sent to a known terrorism-affiliated wallet, according to research from blockchain forensics firm Chainalysis.

Coinbase’s Paul Grewal Challenges WSJ Crypto Article

In response to the WSJ’s correction and edited article, Coinbase’s chief legal officer, Paul Grewal, criticized the newspaper for quoting unreliable sources in the WSJ crypto article.

Despite the correction, concerns remain about the accuracy of the information presented, especially regarding the involvement of PIJ and Lebanese political party Hezbollah in cryptocurrency exchanges. The revised figures indicate that the exchanges between PIJ and Hezbollah were far less than the initial $93 million reported in the WSJ crypto article.

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