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Hamas collected generous donations of bitcoins and sent them through Binance as violence escalated in Gaza this year, according to the channel’s data.
According to three blockchain analytics companies and CoinDesks analysis, Izz ad-Din al-Qassam Brigades, the militant wing of Hamas, has received up to $ 100,000 in bitcoins since the start of 2021 with an increase in donations in May, when Israel and Hamas exchanged several rocket attacks, killing hundreds.
Since May, bitcoins from Hamas wallets have been sent to Binance via three transactions, the last of which was June 6. The exchange blocked the wallet after CoinDesk asked for comment.
“Our team has verified the addresses and can confirm that the receiving wallet has been blocked,” Binance spokeswoman Jessica Jung told CoinDesk in an email.
The address appears to have been active two days ago, with CoinDesk seeing inbound and outbound transactions occurring this month.
“As a general rule, we cannot comment on any communication with the police. We engage and collaborate regularly with law enforcement agencies. We have a solid track record of assisting law enforcement agencies around the world, ”Jung added. The exchange did not confirm if he was working with law enforcement at the time.
Bitcoin Flows To Gaza
Last week, the Wall Street Journal reported that bitcoin donations to Hamas increased during the latest escalation of the armed conflict in Gaza, citing an unnamed Hamas commander. No details were provided at the time, but since then blockchain analytics companies have been able to trace the flow of money.
Pamela Clegg, vice president of financial investigations at CipherTrace, said the company was able to identify recent donations, which were sent to both wallets identified by the US Department of Justice (DOJ) in 2020 , as well as new, previously unknown. bitcoin addresses.
“Almost 100 of these identified addresses received payments totaling just under two bitcoins during the month of May, especially since the start of the most recent dispute. After receipt, these funds were consolidated and transferred to an identified global exchange, ”said Clegg, declining to name the exchange.
She added that to CipherTrace’s knowledge, there has been no action underway to block these newly received funds from government agencies.
This global exchange was Binance, according to the Crystal Blockchain Analysis System. On May 31, more than 1.59 BTC (around $ 57,000) was removed from Hamas’ wallet through Binance. On June 7, two smaller trades with more than 0.12 BTC (~ $ 4,370) in total reached Binance via multiple jumps through intermediary wallets, according to data from Crystals.
Visualization of the June withdrawal transaction by Crystal Blockchain (Crystal Blockchain)
Earlier this year, Hamas used another fiat ramp: On January 31, more than 0.82 BTC (~ $ 27,000) was transferred from the cluster to LocalBitcoins.
Jukka Blomberg, Marketing Director at LocalBitcoins, said the company applies blockchain analysis tools to all transactions that go through the platform, and said it applies KYC standards.
“Unfortunately, we are unable to share information on specific cases or specific accounts, and furthermore, any information that has been provided to law enforcement for open investigations also cannot be shared for the moment, he said, although he declined to confirm whether LocalBitcoins was working well with law enforcement.
Freezable money
In August 2020, the DOJ filed a complaint accusing the al-Qassam Brigades of money laundering, operating unlicensed money transfer companies, and providing material support or resources to a terrorist organization. designated foreigner, namely Hamas.
According to the DOJ, the al-Qassam Brigades have been collecting bitcoin funds since 2019, first using an account on Coinbase, then a non-custodial wallet, and finally, sophisticated software that generates unique addresses for new donations. Hamas has been advertising bitcoin donation options via Twitter and its official website.
In recent years, Hamas has used accounts on exchanges such as Coinbase, Binance, Bittrex, Poloniex, Bitstamp, Huobi and CEX.io, as well as the Xapo wallet, according to data from Crystals. However, until May, donations were not too large.
We have noticed a noticeable increase in the number of payments to Hamas, which resulted in more than $ 80,000 in BTC received by the Hamas group over the past month, Kyrylo Chykhradze, product manager at Crystal Blockchain, told CoinDesk. Eventually, the funds were collected through one of the well-known Virtual Asset Service Providers (VASP).
Another blockchain detective firm, Elliptic, posted a blog post on Thursday, June 3, saying that more than $ 100,000 in bitcoin donations have now been received by the Al-Qassam Brigades since January 2019. Prior to May, the bitcoin only reached Hamas from time to time. time in a little trickle, but on May 10, the day the last conflict began, donations increased, the post read.
More than $ 73,000 has been paid since the start of the most recent wave of violence. That’s more than double the total amount received in the previous two years the fundraising campaign was active, Elliptic said.
Elliptic added that since the vast majority of funds have been sent to a large, regulated cryptocurrency exchange, it will be able to freeze funds and provide law enforcement with valuable intelligence.
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