israel-seizes-crypto

Israel Seizes Crypto To Stop Terror Activities In The Country

The Defense Ministry states that it has started to take control of the digital wallets that are being used by Hamas terror group that has digital currencies from overseas donations. Israel seizes crypto worth NIS 2.3 million. Read the full article, to know more about Israel crypto news. 

Israel Seizes Crypto Worth Millions

Israel seizes crypto and the seizure was approved by the defense minister Benny Gantz. He approved the seizure of an in digital currency from a digital currency exchange company that had ties with the Hamas terrorist group in the Gaza strip as the report stated. 

As per the Defence officials, the seizure was among the largest in the latest years and dealt a prominent blow to the currency exchange. The shift follows the same order that has been issued by Gantz for the seizure of crypto wallets that belong to the Gazan family that operates the digital currency exchange just a few months ago. As per the Defence Ministry, the exchange increased its activity in May 2019, after Hamed Ahmed Khudari who is a Gazan terrorist was assassinated by the IDF and who was responsible for transferring Iranian funds to Palestinian and Hamas Islamic Jihad in Gaza. Hamas’ long running effort to raise funds through crypto had reportedly recently increased following the 11 day war between Israel and the organization in May 2021. 

The terror financing network was highlighted in a joint cooperation that involved IDF Intelligence, the National Headquarters on Terrorist Economic Counter-Terrorism at the Defense Ministry, the State Attorney’s Office’s Cyber Unit, and the cybercrimes department of the Israel Police’s Lahav 443 Major Crimes Unit.

Hamas runs a network of digital currency exchanges that are involved in the import of goods along with funds to the coastal territory to finance its military functions. The currency exchange aimed with the order is known to transfer millions of dollars to the terrorist group every year and as such has been appointed a terrorist organization by the State of Israel.

After signing the order where Israel seizes crypto, Gantz said, 

“We will continue to pursue terrorist funds. The blow to Hamas and the terrorist organization’s ability to circumvent the traditional paths for transferring funds, through digital currency, is an important tool in the developing security system. I congratulate all those involved, led by the National Headquarters on Terrorist Economic Counter-Terrorism, on the important work and the creative action.”

A Family Exchange

The Gazan family in question was using Bitcoin and other digital currencies to develop funds for Hamas online, and the Defense Minister recently sanctioned the seizure. So Israel seizes crypto wallets of those terror groups. For many years, the authorities of Israel have been monitoring this exchange. Hamed Ahmed Khudari, who exploited crypto to transmit Iranian money to Hamas to aid jihad, was slain by IDF (Israel Defense Forces) in Gaza in 2019. 

The money was utilized to build missiles that were fired at Israel. After the assassination, activity on the exchange rose, increasing suspicion and prompting more inquiry.

The Bottom Line

Israel Defence Minister Benny Ganz has signed an order authorizing the security forces to seize crypto accounts believed to be connected to militant wings of Hamas The “De Facto” ruling authority of the Gaza strip in Palestine. So Israel seizes crypto wallets worth 2.3 million. 

Ganz has said that the joint security operations between the IDF Intelligence, the National Headquarters on Terrorist Economic Counter-Terrorism at the Defense Ministry, the State Attorney’s Office’s Cyber Unit, and the cybercrimes department of the Israel Police’s Lahav 443 Major Crimes Unit have uncovered wave electronic wallets that are predicted to be tied to Hamas and its prevailing fundraising efforts using BTC and other digital currencies.

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