- June 30, 2023
- Posted by: [email protected]
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The Israeli government, in collaboration with intelligence and enforcement agencies as well as blockchain analytics firm Chainalysis, has successfully seized cryptocurrency wallets containing millions of dollars that were intended to fund terror activities. The National Bureau for Counter Terrorist Financing of Israel made the announcement on June 28, highlighting the country’s efforts in combating terrorist financing.
Israeli Defense Minister Yoav Gallant commended the joint operation conducted by the ministries of defense and justice, Israeli intelligence, and the implementation of new technology. Speaking at a conference on June 27, Gallant revealed that the operation, which concluded a few days prior, targeted crypto funds that had been transferred to terrorist organizations such as Hezbollah and the Iranian Quds Force. This operation marked the largest seizure of cryptocurrency associated with these groups to date. Gallant expressed his satisfaction, stating, “We have effectively cut off the flow of terror funds via this channel.” He further acknowledged the significant achievements made on the battlefront against terrorist financing, thanks to the collaborative efforts of the National Bureau for Counter Terror Financing, intelligence agencies, and enforcement entities.
According to Chainalysis, Israeli authorities seized approximately $1.7 million in cryptocurrency during the operation. The blockchain analytics firm expressed pride in contributing to this milestone in national security. Their tools played a role in identifying and tracing the illicit funds.
This operation is not the first of its kind to target crypto financing. In April, Palestinian Sunni organization Hamas announced its decision to no longer accept donations in cryptocurrency due to concerns about donor safety amid intensified hostile efforts against supporters of the resistance using digital currencies. In a separate report, Reuters revealed that since 2021, Israel has seized around 190 accounts on the cryptocurrency exchange Binance that were linked to Hamas and the Islamic State. However, Binance criticized the Reuters report, claiming that crucial facts were omitted from the coverage.
The successful confiscation of cryptocurrency from terror organizations showcases Israel’s commitment to combating terrorist financing through innovative means. By leveraging new technologies and collaborating with intelligence and enforcement agencies, Israel continues to disrupt the flow of funds that fuel terrorist activities, safeguarding national security and global stability.
