Home
News
- 1 Hamas militants involved in the attack raised Millions in cryptocurrencies.
- 2 Death toll in the conflict has reached 1,200, while 5,000 Germans have registered to leave Israel.
As the death toll rises, violence in Israel and terrorist organization Hamas shows no signs of abating. The ripple effect is felt by a range of markets, including crypto. UK-based news media house Reuters reports Israel froze crypto wallets associated with the terrorist group. Hamas started stacking up digital assets through social media, asking users to deposit virtual currencies in their digital wallets.
Crypto Activities Suppressed Amid Conflict
The number of accounts frozen is unknown but regulators are working with a major crypto exchange to act on the situation. Hamas abstained from fundraising through cryptocurrencies in April 2023 citing “hostile” activities against donors. In May, Reuters reported on Israel’s crackdown over crypto accounts allegedly associated with the Islamic State and Hamas.
American business newspaper The Wall Street Journal reported that Hamas raised Millions in cryptocurrencies. The war has had a chilling effect on the market. Israel is home to over 2 Million digital asset users and the current landscape is hurting almost everybody.
Since the attack, crypto market cap shed around 4 percent value. However, it managed to recover today. CoinMarketCap, a crypto data aggregator, shows the sector had a hard time coping up yesterday. Several crypto assets including Bitcoin (BTC), Solana (SOL), Polkadot (DOT) and more have risen in the past hour (publication time).
Santiment, a crypto market analytics website, shared that the Israel-Hamas war debate has heightened in the crypto community too. Social trends indicate terms associated with the ongoing conflict have dominated discussions. Other notable events include CNBC’s Mad Money host Jim Cramer’s view over Bitcoin, allegations on Sam Bankman-Fried by his ex-girlfriend Caroline Ellison, and more.
Hamas Becomes First Terrorist Organization to Use Crypto
Blockchain intelligence firm TRM Labs writes in its report, “While the use of cryptocurrency for fundraising and other terrorist financing activity remains relatively low compared to traditional fiat currency, there will be an increased focus on cutting off Hamas’ ability to raise and move funds in the coming days and weeks.”
The firm identified fundraising efforts by Hamas since the beginning of the conflict. GazaNow, a Gaza-based group supporting the militant group has accrued around $800K. However, the amount fell to less than $5K after the attack. A couple of days ago, GazaNow suspended their fundraising efforts.
Prior to this, the terrorist group had received $400K in May 2021 following an outbreak of violence in Gaza. TRM Labs’ report addresses Hamas as “first terrorist organization to use cryptocurrency. This indicates advancements in the fundraising methods used by extremist groups.
Death toll in the conflict has reached 1,200 according to CBS News, an American news provider. Live updates from British news agency The Guardian highlights 5,000 Germans have registered to leave Israel.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
