Despite Previous Seizures, Hamas’ Military Wing Is Still Soliciting Cryptocurrency Donations

According to recent allegations, the terrorist organization Hamas’ cryptocurrency funding network is still operational. The US Department of Justice shut down the network in 2020, but it doesn’t appear that it has had any effect.

According to a tweet by research analyst Joe Truzman, the Sunni-Islamic fundamentalist, militant, and nationalist organization Hamas is continuing to operate its unlawful bitcoin network. The US Department of Justice (DoJ) blocked Hamas’ attempt to solicit funds through cryptocurrencies, but the communications demonstrate that it is still asking for bitcoin payments.

The message was sent out on the Telegram channel, which has around 180,000 subscribers. The group requested that its supporters donate BTC to an address that it controls. Despite the US government’s attempts, the US-designated Foreign Terrorist Organization (FTO) continues to operate its cryptocurrency funding network.

In August 2020, the Department of Justice initiated efforts to dismantle the group’s funding methods, which included various networks. The Department of Justice collaborated with the IRS, HSI, and FBI to confiscate 150 cryptocurrency accounts that were being used to launder money.

In 2019, Hamas began to employ cryptocurrency, which it envisioned as a long-term answer to its finance woes.In late December 2021, Israel’s authorities used surveillance techniques to crack down on illegal activities and transactions, capturing almost $800,000 in cryptocurrency. Following that, 12 crypto accounts linked to terror organisations were seized.

Cryptocurrency is viewed with suspicion by governments as a technique of evasion

Governments are cracking down on illegal activity and funding, since crypto has shown to be a useful tool for getting around laws and prohibitions. This story initially surfaced this year, when the government issued an emergency decree imposing financial limitations on cryptocurrency in response to a trucking convoy in Canada.

There is also a heated debate concerning Russia’s ability to use cryptocurrency to evade the impact of the economic sanctions imposed on it. The European Union went on to say that the sanctions apply to cryptocurrencies, and many nations are following suit, guaranteeing that crypto is factored into their financial calculations.

In exceptional circumstances, as as Russia’s, most crypto firms comply with government decrees banning the usage of or freezing accounts.

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