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The U.S. Department of Justice (DOJ) has announced the seizure of over $200,000 worth of cryptocurrency linked to the militant group Hamas. The funds were traced to wallets allegedly used for crypto fundraising and money laundering operations by the organization, which is designated as a terrorist entity by both the U.S. and the European Union.
Crypto Fundraising Under Scrutiny
According to the Federal Bureau of Investigation (FBI), Hamas supporters worldwide contributed more than $1.5 million in cryptocurrency since October 2024. These funds were funneled through multiple exchange accounts and wallets promoted in online group chats claiming affiliation with Hamas. Authorities believe that these donations were subsequently laundered through a series of transactions.
U.S. Attorney Edward R. Martin Jr. of the District of Columbia said,
“These seizures show that this office will search high and low for every cent of money going to fund Hamas, wherever it is found, and in whatever form of currency. Hamas is responsible for the death of many U.S. and Israeli nationals, and we will stop at nothing to stop their campaign of terror and murder.”
Seized Assets and Identified Accounts
The confiscated funds include approximately $90,000 held in various wallets and another $112,000 in three exchange accounts. According to the FBI, these exchange accounts were registered to Palestinian individuals based in Turkey and other locations. Authorities did not disclose the names of the individuals or the platforms used to process these transactions.
Past Legal Challenges and Regulatory Concerns
Hamas’ use of cryptocurrency for fundraising has been under investigation for years. In January 2024, a lawsuit was filed against Binance and its former CEO Changpeng Zhao, alleging that the exchange facilitated Hamas’ crypto fundraising efforts. The case, brought by families of victims of Hamas attacks in Israel, accused Binance of failing to implement adequate anti-money laundering measures.
While Binance has denied any direct involvement with Hamas, the company has faced multiple legal battles over compliance issues. In November 2023, the exchange reached a $4.3 billion settlement with the DOJ over alleged violations of anti-money laundering regulations.
Growing Concerns Over Crypto in Terror Financing
A December 2024 report by the Congressional Research Service indicated that Hamas has been soliciting cryptocurrency donations since at least 2019. However, the effectiveness and scale of these efforts remain uncertain. U.S. officials have increasingly voiced concerns about terrorist organizations leveraging digital assets, with some calling for stricter oversight and regulation of the crypto industry to curb illicit financial activities.
Despite these concerns, research from blockchain analytics firm Chainalysis suggests that cryptocurrency-based terrorism financing constitutes a minimal fraction of overall crypto transactions. Traditional fiat-based methods continue to be the primary financial channels for such organizations.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
