The cyber unit of the Israeli police has put a halt to cryptocurrency accounts that Hamas employed to gather contributions through social media, as per a report by Jerusalem Post.
This move aligns with a more extensive initiative aimed at thwarting the transfer of funds to the terrorist group, particularly amidst periods of strife.
Inquiries by the cyber unit unearthed that, in the wake of the recent skirmishes, Hamas had launched a digital fundraising drive, beckoning individuals to channel cryptocurrencies into its wallets. The acquired finances were presumably earmarked for backing its operations.
Acting in tandem with the National Headquarters for Economic Warfare, the Israeli police’s cyber division efficiently identified and halted these cryptocurrency accounts.
In a bid to repatriate the confiscated funds, authorities approached Binance for assistance to transfer them to the state’s coffers.
Moreover, the renowned Israeli cyber unit, Lahav 433, collaborated with the UK police in freezing an account situated at Barclays Bank.
The endeavors of the unit are not confined to this particular mission. They remain vigilant, perpetually on the lookout for cryptocurrency financial setups exploited by terror-affiliated entities.
Web3 Community Launches Crypto Aid Israel
In light of the escalating conflict in Israel, the nation’s crypto and Web3 enthusiasts have united to launch “Crypto Aid Israel.”
This endeavor is dedicated to amassing funds to assist Israeli residents who, due to the intensifying tensions with Hamas, have been forced to evacuate and now require humanitarian assistance.
To accommodate contributions, Crypto Aid Israel has established a multi-signature wallet. This wallet, jointly overseen by several entities, is designed to accept a variety of cryptocurrencies, spanning Bitcoin (BTC), Ethereum (ETH), and dollar-pegged stablecoins like USDT and USDC.
Remarkably, a host of Israeli banks and regulatory bodies have intervened to smooth the transfer of these crypto-based donations, potentially forging a connection between cryptocurrency reservoirs and conventional banking avenues.
To bolster the security of the cryptocurrency assets, Crypto Aid Israel has sought the proficiency of Fireblocks, a firm renowned for its specialized crypto custody solutions.
A rigorous protocol has been put into place, requiring the agreement of at least four of the seven authorized signatories to approve any fund transfers from the wallet. This ensures both security and transparency in the handling of contributions.
The coalition backing Crypto Aid Israel boasts noteworthy members such as Fireblocks, MarketAcross, Collider Ventures, CryptoJungle, and the Israel Blockchain Association.
