The waves of conflict between Israel and Hamas continue to agitate the world, not only on a physical level, but also in the digital space. Cryptocurrencies seem to have become embroiled in this rivalry, serving both as a means of funding for the terrorist group and as humanitarian aid for victims of the conflict.
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Israel and Binance collaborate to freeze Hamas-affiliated crypto assets
The use of cryptocurrencies by terrorist organizations to fund their activities has often been a hot topic and source of global concern. Israel has not remained passive in the face of this challenge.
The Israeli authorities, with the support of the Exchange Binance, have succeeded in freezing crypto accounts affiliated with the Hamas, thus disrupting its attempts at financing.
According to information reported by the Jerusalem Post, the intervention of the Israeli police’s cybernetics unit, Lahav 433, highlighted an insidious Hamas initiative. This terrorist group has launched a collection on social networks, inviting the public to contribute in crypto to fund its activities during the period of conflict.
Mitigation efforts have extended beyond borders. International cooperation, notably with the British police has been put in place to stop financial supplies to these terrorist organizations. However, countering the financing of terrorism through cryptocurrencies remains a complex battle requiring strong technical skills.
“Crypto Aid Israel” provides humanitarian assistance in wartime
In the midst of the Israeli-Palestinian conflict, an initiative called “Crypto Aid Israel” is born, supported by the country’s crypto and Web3 communities. The aim is clear: mobilize cryptocurrencies to help displaced Israelis as a result of the conflict. The team supporting Crypto Aid Israel includes renowned entities such as Fireblocks, MarketAcross, Collider Ventures, CryptoJungle and the Israel Blockchain Association..
Donations are collected in a multi-signature portfolio decentralized wallet, creating an environment of security and transparency. To reinforce this protection, influential players in the blockchain sector have been involved. In fact, they don’t seem to be making the mistake of relying on CEXs (centralized exchanges), such as Binance in order to remain decentralized and therefore beyond the control of a centralized authority.
Crypto Aid Israel embodies the commitment of the crypto and Web3 communities in Israel to provide tangible support to civilians affected by the conflict, using crypto as a fast and efficient way to raise funds worldwide. Intrinsically, crypto as a technology has no moral coloration. Its use depends essentially on the intentions of those who adopt it. While some may misuse it for dark purposes, others value it as an instrument of solidarity and mutual aid.
Nevertheless, it’s important to remember that cryptocurrency is not an infallible haven for illegal activities. The unmasked Hamas accounts could serve as a warning. Tracking a crypto transaction is very often easier than with traditional currencies.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.