Chainalysis reveals detailed information on Hamas funding
The post Chainalysis reveals detailed information on Hamas funding appeared on BitcoinEthereumNews.com. Reports of significant sums of cryptocurrency being used to fund Palestinian operations in Israel may have been exaggerated, according to Chainalysis, a digital forensics company. In a blog post, Chainalysis challenged the notion that crypto financing for groups like Hamas had reached the levels reported in the media. While acknowledging the importance of preventing terrorist financing through cryptocurrency, Chainalysis also emphasized the need to understand how this funding operates. Chainalysis says the funding is being exaggerated Last week, The Wall Street Journal claimed that Palestinian Islamic Jihad received $93 million in cryptocurrency between August 2021 and June 2023, with Hamas receiving about $41 million during the same period. However, critics pointed out that the headlines could be misleading, as it wasn’t clear whether the funds reached the actual terrorists. They also noted that cryptocurrency financing, while significant, paled in comparison to state-funded support, particularly from Iran. It is worth mentioning that in April, Hamas announced the suspension of cryptocurrency fundraising due to the risk it posed to its collaborators. This highlights an interesting point about the transparency of blockchain technology, which is not conducive to covert operations. Chainalysis asserted that due to the inherent transparency of blockchain technology and the public nature of fundraising campaigns related to terrorism, cryptocurrency may not be an effective means of financing terrorism on a large scale. The company also noted that Hamas, in particular, understands the challenges associated with using cryptocurrency for fundraising. The debate surrounding cryptocurrency’s role in funding terrorism has broader implications for U.S. policy on anti-money laundering controls. Ongoing efforts to promote AML in the sector Senators Elizabeth Warren and Roger Marshall cited The Wall Street Journal’s reporting on Hamas financing in an op-ed. Both senators support the Digital Asset Anti-Money Laundering Act, which aims to increase reporting requirements for cryptocurrency…
The post Chainalysis reveals detailed information on Hamas funding appeared on BitcoinEthereumNews.com.
Reports of significant sums of cryptocurrency being used to fund Palestinian operations in Israel may have been exaggerated, according to Chainalysis, a digital forensics company. In a blog post, Chainalysis challenged the notion that crypto financing for groups like Hamas had reached the levels reported in the media. While acknowledging the importance of preventing terrorist financing through cryptocurrency, Chainalysis also emphasized the need to understand how this funding operates. Chainalysis says the funding is being exaggerated Last week, The Wall Street Journal claimed that Palestinian Islamic Jihad received $93 million in cryptocurrency between August 2021 and June 2023, with Hamas receiving about $41 million during the same period. However, critics pointed out that the headlines could be misleading, as it wasn’t clear whether the funds reached the actual terrorists. They also noted that cryptocurrency financing, while significant, paled in comparison to state-funded support, particularly from Iran. It is worth mentioning that in April, Hamas announced the suspension of cryptocurrency fundraising due to the risk it posed to its collaborators. This highlights an interesting point about the transparency of blockchain technology, which is not conducive to covert operations. Chainalysis asserted that due to the inherent transparency of blockchain technology and the public nature of fundraising campaigns related to terrorism, cryptocurrency may not be an effective means of financing terrorism on a large scale. The company also noted that Hamas, in particular, understands the challenges associated with using cryptocurrency for fundraising. The debate surrounding cryptocurrency’s role in funding terrorism has broader implications for U.S. policy on anti-money laundering controls. Ongoing efforts to promote AML in the sector Senators Elizabeth Warren and Roger Marshall cited The Wall Street Journal’s reporting on Hamas financing in an op-ed. Both senators support the Digital Asset Anti-Money Laundering Act, which aims to increase reporting requirements for cryptocurrency…
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