Israel Shuts Down Crypto Accounts To Block Hamas Funding

More than 100 cryptocurrency accounts have been frozen by Israel as part of it’s attempt to halt funding to Hamas, a terrorist organization that received more than $40 million through similar sites between 2021 and 2023.

According to sources cited by The Financial Times on Tuesday, October 17, Israel’s law enforcement forces have ordered the freezing of accounts on Binance and a closure inspection of around 200 since October 7.

Binance complied with the account closures and stated that it follows internationally recognized sanctions laws, but declined to comment further.

It comes after Israeli research firms revealed yesterday that Hamas received a large amount of funding through cryptocurrency sites.

A cryptocurrency company called Tether yesterday frozen 32 digital wallets that together held $800,000 as part of an effort.

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Links to Hamas cryptocurrency donation sites have reportedly appeared frequently since the attack on Israel on October 7 according to Israeli intelligence forces.

According to an analysis by BitOK, a Tel Aviv-based company, between August 2021 and June 2023, Hamas and its military wing received about $41 million in cryptocurrencies.

A different study by Elliptic, a different cryptocurrency research company, discovered that wallets connected to Palestinian Islamic Jihad, another recognized terrorist organization, received about $91 million during the same time period, according to the Wall Street Journal.

Also, US President Joe Biden will be travelling to Israel on Wednesday, October 18, putting himself in danger to demonstrate his support for the nation as it prepares a ground invasion intended to eliminate the militant group on its border.

The president will be visiting Tel Aviv, Israel, for the second time this year after secretly visiting Ukraine in February, according to US Secretary of State Antony Blinken, who is speaking from Israel.

Following their meeting with Israeli Prime Minister Benjamin Netanyahu, Blinken stated that the purpose of Biden’s visit is to “reaffirm the United States’ solidarity with Israel and our ironclad commitment to its security.”

According to Blinken, Biden also intends to speak with Israeli officials directly to find out what they require to maintain their security.

Karine Jean-Pierre, the press secretary for the White House, said in a statement late on Monday that Biden’s visit would “demonstrate his steadfast support for Israel in the face of Hamas’s brutal terrorist attack and to consult on next steps.”

In the course of the trip, which will also include a stop in the neighbouring country of Jordan, Biden is anticipated to meet with Israeli Prime Minister Benjamin Netanyahu and other Israeli authorities. Biden will meet with regional leaders there who are essential to any effort to safeguard Palestinian civilians and long-term stabilize the Middle East, according to John Kirby, a spokesman for the White House National Security Council.

Biden will meet with King Abdullah of Jordan, Mahmoud Abbas of the Palestinian Authority, and Abdel Fattah el-Sissi of Egypt while he is in Amman.

“He will certainly reiterate that Hamas does not stand for the Palestinians’ right to dignity and self-determination,” Kirby said of Biden. “He’ll discuss again the humanitarian needs of all civilians in Gaza.”

American officials have been talking with Middle Eastern allies, including Egypt, about how to get humanitarian aid to Palestinian civilians in Gaza who are being held hostage by Israel’s siege of the heavily populated region. Iran has also issued a warning that if Israel’s offensive against Gaza continues, it may join the conflict.

The journey is in response to Netanyahu’s invitation. Since Hamas began its attack on Israel on October 7, which resulted in the deaths of 1,400 people, Biden and Netanyahu have spoken five times. According to a U.S. official, Biden received an invitation to Egypt on Sunday to attend an upcoming summit on the future of the Palestinian people.