Cryptocurrencies: Israel confiscates Hamas-linked accounts

There are now some 15,000 cryptocurrencies that represented a record global value of more than $3 trillion in 000. © Sean Gladwell / GettyImages

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Hamas' military wing announced on Thursday (April 27th) that it would no longer accept donations of cryptocurrency money. The Islamist group ruling the Gaza Strip made the move following an increased crackdown by Israeli authorities.

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With our correspondent in Ramallah, Alice Froussard

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We made this decision after considering the safety of donors and to protect them from harm. "Hamas' armed wing, the al-Qassam Brigades, said in a statement. This decision comes following seizures or "hostile activities" against donors, she said.

Bitcoin, like other cryptocurrencies, is beyond the control of governments and central banks, unlike traditional currencies. This has been a preferred method by Hamas for several years, with the party designated as a terrorist organization by Israel, the United States and the European Union.

Hamas had thus – since January 2019 – resorted to digital currency to overcome the financial blockade imposed by Israel and thus replenish the coffers of its armed wing.

This made it difficult for Israel to control all of these transfers, as currencies are heavily encrypted. The factions manage to create thousands of digital accounts to collect and manage funds with different names and addresses. Advanced technologies now make it possible to identify the sources of transfers. The IDF has not commented since the announcement.

In July 2021 and January 2022, Israel had already seized cryptocurrencies from Hamas.

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