In the days following the unspeakable massacre of Israeli citizens by Hamas terrorists, crypto has become an unwilling part of the story.
In this article, we’ll see how cryptocurrency has been involved in the Israeli-Palestine war so far. Let’s get to it ASAP!
5 Things About Cryptocurrency’s Role in the Israel & Hamas War
1. On Tuesday, 10th of October 2023, the Wall Street Journal published a widely circulated report that called out cryptocurrency as integral to the operation’s funding.
2. The journal reported that in the year leading up to the attacks, three militant groups—Hamas, Palestinian Islamic Jihad, and their Lebanese ally Hezbollah—received large amounts of funds through crypto.
3. There are claims that Hamas received $41 million since mid-2021.
4. It’s also notable that Hamas announced earlier this year that it would stop via fundraising Bitcoin because its opponents have had too much success tracing the funds to its members.
5. Crypto operation has been suspended in Israel due to the ravaging war with Hamas which has seen many lives lost. Israeli crypto startups are navigating how to balance grieving, employees being drafted, and running their businesses.
Conclusion
It is important not to blame the Israeli vs Hamas war on cryptocurrency just because it was used to fund terrorists’ accounts. Crypto is a poor tool for terrorist financing because it is too easy to track.
There’s also the reality that, if crypto did not exist, most or all of the $41 million would have gotten funnelled to Hamas one way or another—through gold bars, shady bank accounts, or pallets of $100 bills.