Israel Seizes 30 Cryptocurrency Wallets Allegedly Linked to Hamas.

Israel government officials confiscated 30 cryptocurrency wallets from 12 accounts on suspicion of financing the terrorist organization Hamas.

According to reports, the Israeli Defense Ministry confiscated 30 digital wallets belonging to firms affiliated with the exchange company al-Mutahadun. The latter was suspected by authorities of financing the terrorist organization Hamas.

Al-Mutahadun was recognized as a terrorist-funding entity by government officials in 2021. They stated that the Shamlah family-owned enterprise “assists the Hamas terror group, particularly its military wing, by transferring tens of millions of dollars per year.”

According to The Times of Israel, the Defense Ministry, the police, and the military worked together to seize 30 cryptocurrency wallets from al-12 Mutahadun’s accounts. The confiscated digital assets were worth tens of thousands of shekels, according to law enforcement officers.

Benny Gantz, the country’s Defense Minister, commented on the situation:

“We continue to expand our tools to deal with terrorism and with companies that supply it with an economic oxygen pipeline.”

Furthermore, he complimented the activities of all groups involved in the operation. “We will continue to work together to combat terror by any means and in any way,” Gantz pledged.

This is not the first time that cryptocurrencies have been linked to the Israel-Palestine conflict. Earlier this year, the Israeli authorities confiscated over $800,000 in digital assets from a Hamas-linked business.

Last summer, Israel’s National Bureau for Counter-Terrorism Financing seized $7.7 million in cryptocurrency from 84 addresses. Authorities claimed, like in the previous cases, that the cash were meant to aid the Islamic terrorist organisation Hamas.

According to the seizure order, the stablecoin Tether (USDT) was the most often used digital asset by the firm. Other assets in the top five were Bitcoin (BTC), Tron (TRX), Ether (ETH), and Dogecoin (DOGE).

The conflict between Israel and the Islamic State of Palestine appears to have subsided recently. However, when the two sides launched a war on one other last year, this was not the case.

While Israel is a highly advanced market economy that relies on financial stability, Palestine has substantial challenges in this area. As a result, the Palestinian Monetary Authority announced plans to launch its own digital money. According to some analysts, this endeavor may provide the state with more financial independence.

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Patrick

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