Crypto crackdown intensifies on Hamas finance

guardian.ng:

In this photo illustration, visual representations of digital cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and Dogecoin (DOGE) are arranged. Photo: AFP

Cryptocurrency has become the latest front in the conflict between Israel and Hamas, analysts say.

Israeli and US authorities have intensified their financial hunt into Hamas in recent days as they track illicit funds via digital currencies.

Ari Redbord, global policy head at crypto tracking specialist TRM Labs, said there is now less crypto transfer activity on pro-Hamas support networks as a result.

“We are seeing a lot less activity in some respects since the war began,” Redbord told AFP.

This is “primarily because Israel has been very aggressive and successful in taking down these fundraising efforts”, he added.

Israel has bombed Gaza in response to an unprecedented cross-border attack by Hamas militants who, while firing a massive rocket barrage, killed more than 1,400 people and took 222 hostages on October 7, according to Israeli authorities.

Israeli strikes have now killed more than 6,500 people in Gaza, according to the Hamas-run health ministry.

– Shadowy world –
Cryptocurrency is regarded as a speedy way to move cash that is unregulated by any central bank and is less traceable than a traditional bank transfer.

The shadowy world of digital units, based on decentralised blockchain technology, has gained notoriety for illicit transactions due to its under-the-radar appeal.

Two weeks ago, Israeli police revealed they had located and frozen accounts linked to Hamas that sought “to solicit donations on social networks” via Binance, the world’s biggest cryptocurrency exchange.

A Binance spokeswoman said it “follows internationally recognised