According to reports, the Defense Ministry of Israel confiscated 30 digital wallets belonging businesses that were associated with al-Mutahadun’s exchange company. Authorities accused them of financing Hamas terrorist organization.
Israel’s Latest Seizure
Al-Mutahadun, one of the terrorist-funding entities that Israeli officials had designated in 2021, was among them. They claimed that the Shamlah-owned Shamlah company “assists Hamas terror group, especially its military wing, through the transfer of funds amounting to tens and millions of dollars per year.”
According to The Times of Israel the joint operation by the Defense Ministry, police and military saw the seizure of 30 cryptocurrency wallets taken from 12 accounts belonging al-Mutahadun. The confiscated digital assets were worth tens to thousands of shekels according to law enforcement agents.
Benny Gantz, Defense Minister of the Country, commented on the matter:
“We continue to increase our tools to combat terrorism and to work with companies that provide it with economic oxygen.”
He also praised all the organizations that took part in the operation. Gantz promised that he would continue to work with other organizations to combat terror in any way and by any means.
This isn’t the first time that cryptocurrencies have been linked to the Israel-Palestine conflict. The Israeli government took more than $800,000. worth of digital assets belonging to a Hamas-linked firm earlier this year.
Hamas uses Bitcoin and Dogecoin
The National Bureau for Counter Terror Financing in Israel confiscated $7.7 Million worth of cryptocurrencies from 84 addresses last summer. Similar to the above cases, authorities claimed that the funds were meant to finance Islamic terrorist group Hamas.
The seizure order revealed that Tether (USDT), the stablecoin, was the most frequently used digital asset of the organization. Other assets included Tron (TRX), Bitcoin (BTC), Ether (ETH) and Dogecoin(DOGE).
Recent signs suggest that tensions between Israel and the Islamic State of Palestine have eased. This was not the case last January when the two sides declared their war.
While Israel is among the technologically-advanced market economies and relies on its financial stability, Palestine faces significant issues in that field. The Palestinian Monetary Authority announced its intention to issue its digital currency sovereign. Some experts believe this could give the state greater financial independence.
“They [the Palestinians] often have to borrow money to pay foreign exchange payments to third party and are left with an oversupply of Israeli banknotes. This could be why a digital currency is attractive for the Palestinian monetary system.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.