Terrorist organization receives Bitcoin donations via Coinbase account
Whitestream, an Israeli blockchain intelligence firm, has claimed that Bitcoin transactions were sent from several crypto exchanges to Hamas. Hamas is a Palestinian Islamist fundamentalist group designated as a terrorist organization by many governments, including the U.S.
Whitestream said that wallet addresses traced sending Bitcoin to Hamas belonged to Coinbase, Binance and a Russian exchange, Vilkov. Hamas published a wallet address on Telegram on Thursday. Whitestream identified that the wallet address belonged to Coinbase for receiving donations.
Whitestream found that one of the wallet addresses which sent Bitcoins to the Palestinian organization was sent by a Bitcoin trader from the Gaza strip. The intelligence firm also found a couple of transactions from CoinPayments, crypto payments company and Binance, one of the largest crypto exchanges. Hamas also received Bitcoin payments from a wallet address belonging to Bittrex.
Israeli authorities are making it difficult for Hamas to get the necessary funding for their activities. In an announcement published last Tuesday via Telegram, Hamas military wing spokesperson Obaida said, “The Zionist enemy is fighting the Palestinian resistance through an attempt to cut off aid to the resistance by any means. Lovers of the resistance all over the world, however, are combating these Zionist attempts, and are looking for all possible means to aid the resistance.”
Terrorism financing via cryptocurrencies is a raging problem among the crypto community. Since a blockchain contains millions of transactions money laundering is easy and transactions remain anonymous because blockchain guarantees privacy. Coinbase terms and conditions have specified terms against terrorism financing. The exchange is yet to take any measures regarding Hamas Bitcoin transactions.
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