Hamas Militant Uses Bitcoin Wallets To Avoid Crypto Financing Activities From The Authorities
Hamas Militant Uses Bitcoin Wallets To Avoid Authorities
The militant wing of Hamas received $7,400 in funding but it has been difficult for them to hide the funds received. Al-Qassam Brigades asked supporters to send funds in Bitcoin (BTC) in order to avoid using traditional financial methods. They are also using increasingly complex methods to avoid being tracked. The information was released by Reuters a few hours ago.
Hamas Receives Donations In Bitcoin
Al-Qassam Brigades, which is proscribed in both the United States and the European Union, has been asking for donations in Bitcoin. In order to do so, he provided a cryptocurrency wallet for followers to send funds. Nonetheless, every single time they receive a transaction, they change the address.
Reuters reports that Elliptic, a blockchain analysis firm, discovered that Hamas is offering a new wallet address for users to send funds. The reason to do so is due to the fact that a single BTC address can be red-flagged by exchanges, making it difficult for the terrorist organization to withdraw the funds.
According to Elliptic, around $3,300 BTC was sent to the wallets created by the organization. Since the campaign started at the beginning of the year, they were able to raise $7,400.
Tom Robinson, the co-founder of Elliptic, explained that they are still in an experimentation stage and trying the system out. They could decide to stop using it in the future if they see that it doesn’t have a positive effect.
Hamas said that Tehran is the biggest backer of the al-Qassam Brigades. Nonetheless, Iran has never mentioned whether they send or not funds to this organization. Chainalysis and Elliptic have been working in order to analyze blockchains and how transactions move. They have been already working with different governments providing information about suspicious transactions. They have also provided their services to companies in the crypto space.
Although Bitcoin can be used for illicit activities, most of the transactions processed by the network are not related to criminal or suspicious things. Indeed, there are several users around the world that send and receive virtual currencies because they are cheaper, faster and more reliable than other financial solutions.