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Over the weekend, Hamas launched devastating attacks from Gaza into Israel, leading to one of the most severe escalations in the Israel-Palestinian conflict in recent years. The source of funding for this surprise operation has left many curious. In the lead-up to the attacks, an investigation into Israeli government seizure orders and blockchain analytics reports has shed light on the flow of significant sums to three militant groups: Hamas, Palestinian Islamic Jihad, and Hezbollah. A recent report by WSJ highlights that Palestinian Islamic Jihad's digital currency wallets received a staggering $93 million in cryptocurrency between August 2021 and June of this year, according to renowned crypto researcher Elliptic.
Meanwhile, an investigation into an Indian crypto heist has uncovered startling findings. A complaint was made regarding the fraudulent transfer of a considerable amount of Bitcoins, Ethereum, and Bitcoin cash from a cryptocurrency wallet worth about Rs 30 lakhs. The case was initially registered in PS-Paschim Vihar but later transferred to the Cyber Crime Unit, Special Cell, Delhi, upon the orders of the Hon'ble Court. During the investigation, it was discovered that the cryptocurrencies eventually ended up in wallets associated with the military wing of Hamas, known as the Al-Qassam Brigades, and other wallets seized by Israel's National Bureau for Counter Terror Financing, including the wallet of Mohammad Naseer Ibrahim Abdulla. Additional wallets, where a significant portion of the cryptocurrencies were transferred, were found to be operated from Giza, Egypt, belonging to individuals like Ahmed Marzooq and Ahmed Q H Safi.
Ultimately, the investigation revealed that the cryptocurrencies were funneled through various private wallets, leading to wallets operated in Gaza, Egypt, and the military wings of Hamas. It is worth noting that one of these wallets had already been frozen and seized by Israel's National Bureau for Counter Terror Financing. The investigation indicated that the bitcoins and other cryptocurrencies were fraudulently transferred from the complainant's wallet.
In response to suspicions that Hamas had launched a fundraising campaign on social networks, urging the public to deposit cryptocurrencies into accounts during the outbreak of war, Israel swiftly took action. The Israeli Police Cyber Unit and the Ministry of Defense, in cooperation with the Binance crypto exchange, located and froze these cryptocurrency accounts, with the intention of redirecting the funds to the state treasury. The specific number of frozen accounts and the value of seized cryptocurrencies remain undisclosed.
Hamas has previously supported the use of cryptocurrency for fundraising purposes. However, in April, the group announced its decision to stop accepting bitcoin donations, citing the increase in "hostile" activities targeting the donors.