Hamas’ Armed Wing to Stop Accepting Bitcoin Donations (Report)

Hamas’ armed wing Izz ad-Din al-Qassam Brigades has reportedly announced its decision to stop accepting Bitcoin donations. The terrorist organization previously used cryptocurrency to fund its activities as it perceives Bitcoin and other digital currencies as a safer, more anonymous way to receive financial aid. However, the international regulatory crackdown on crypto terrorism financing seems to have forced the group to abandon this method of fundraising.

Hamas Halts Bitcoin Donations over Safety Concerns for Contributors

Al-Qassam Brigades, the military wing of the alleged terrorist organization Hamas, will reportedly stop receiving bitcoin donations due to concerns for the safety of the contributors. The Israeli authorities have previously estimated that the group funded some of its military operations through cryptocurrencies and have seized over 100 digital wallets associated with the organization over the past few years. Hamas has been receiving most of its bitcoin donations from the Muslim world, with the majority supporting its fight against Israel.

Going Back to Traditional Methods

According to Gaza economist Mohammad Abu Jayyab, Hamas has stopped receiving crypto donations out of fear that Israel’s agencies could identify the people who transferred funds this way or reach their wallets. Furthermore, Al-Qassam Brigades aims to shift to traditional finance methods or figure out more advanced options. “This comes out of concern about the safety of donors and to spare them any harm,” said Al-Qassam Brigades.

Israel’s Counter-Attack

Multiple sources have claimed that Hamas has been using cryptocurrencies, such as Bitcoin, Ether, Dogecoin, and Tether, for their terrorist activities. In response, Israel’s National Bureau for Counter-Terror Financing carried out a successful operation against the group in 2021, seizing 84 digital wallets linked to it. The Defence Ministry of Israel partnered with the police and the military to confiscate 30 cryptocurrency wallets from 12 accounts belonging to al-Mutahadun, an exchange that allegedly financed the Palestinian entity.

As a result, Al-Qassam Brigades has decided to halt bitcoin donations from its supporters. By doing so, the organization hopes to enhance the protection of its donors and prevent the potential breach of their personal data. It seems that traditional finance methods are still the most secure option for transactions, especially for organizations that are involved in political conflict. However, with the advancement of blockchain technology, we may see more secure ways for donations in the future.

Why Is Hamas Termed as a Terrorist Organization?

Hamas is deemed a terrorist group by countries such as the United States and the United Kingdom, making it illegal to provide them with funds, training, or any kind of military support. According to Reuters, the Palestinian organization has been previously accused of using cryptocurrencies, including bitcoin, to finance its military campaigns in the past. The US authorities have also confiscated $2 million worth of crypto raised by Hamas, al-Qaeda, and Islamic State to finance their activities.

In conclusion, Hamas’s decision to stop receiving bitcoin donations may demonstrate the potential dangers of crypto transactions, especially when it comes to organizations involved in geopolitical conflicts. This event also reinforces the need for regulatory measures to prevent the use of cryptocurrencies for terrorism financing.

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