On October 25, 2023, blockchain analytics firm Elliptic released a statement clarifying misconceptions surrounding the extent of cryptocurrency funding received by Hamas. The firm emphasized the absence of substantial evidence supporting claims that Hamas has garnered significant crypto donations. This follows heightened scrutiny on cryptocurrency’s role in financing terrorism, especially in the wake of the tragic incidents on October 7, orchestrated by Hamas.
Elliptic’s clarification comes amidst a wave of reports suggesting that cryptocurrencies have become a substantial financing tool for Hamas. On October 10, a narrative was fueled by an article in the Wall Street Journal, titled “Hamas Militants Behind Israel Attack Raised Millions in Crypto”. This narrative gained traction when, on October 17, over a hundred US lawmakers referenced the article in a letter to the White House and the U.S. Department of the Treasury,…
