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Hamas' cash-to-crypto global finance maze in Israel's sights

Economic TimesEconomic Times · 1y
Hamas' cash-to-crypto global finance maze in Israel's sights

Experts and officials reveal that Palestinian militant group Hamas utilizes a global financing network to receive support from charities and sympathetic nations, employing tactics such as passing cash through Gaza tunnels or using cryptocurrencies to evade international sanctions. However, Hamas is expected to face increased hurdles in accessing funds following the recent violence between the group and Israel. Israeli authorities have frozen a Barclays bank account linked to Hamas fundraising and blocked cryptocurrency accounts used for donations. Despite these restrictions, Hamas has proven adept at utilizing cryptocurrencies for financing, although recent losses have prompted a shift away from this method.

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