Key Points:
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.
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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