How To Take Down The Funding Network For Hamas Using Cryptocurrency
U.S. authorities are working harder than ever after the Hamas attack on Israel to destroy the financial networks of terror groups supported by Iran, including the cryptocurrency used to fund them.
They are doing this through new investigations, sanctions, and penalties.
A search and freezing of Hamas’ cryptocurrency accounts was initiated in Israel by the National Bureau for Counter Terror Financing in collaboration with Israeli police and intelligence services.
Since joining the project, Lions gate Network, an Israeli startup that specialises in recovering cryptocurrency, has been successful in locating and intercepting cryptocurrency accounts connected to Hamas.
The Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, U.S. Senator Sherrod Brown (D-OH), stated, “The world watched in horror as Hamas committed brutal acts of terrorism against the people of Israel.”
We’ve alerted this committee about cryptocurrency andits involvement in illegal finance, encompassing the use of cryptocurrency to support terrorists and make it possible for rogue states to finance them…
Law enforcement’s efforts to track down or stop cryptocurrency funds turn into a game of whack-a-mole. They halt one exchange…and the criminals have switched to using a different alias on another platform.
Ten important Hamas terrorist group members, operatives, and financial facilitators in Gaza and other locations were the targets of sanctions imposed in October by the Office of Foreign Assets Control of the U.S.
Department of the Treasury.
Treasury has targeted over 1,000 people and organisations linked to terrorism and terrorism financing by the Iranian regime and its proxies, such as Hamas, Hizballah, and other terrorist organisations in the region that are aligned with Iran, with additional rounds of sanctions in November.
The largest cryptocurrency exchange, Binance, settled its violations of multiple sanction programmes for $3.4 billion and a five-year monitorship, according to a statement released by Treasury on November 21.
The world of financing terrorism is never more than a game of cat and mouse.
Using the resources already at our disposal to locate and disrupt Hamas’ financial network, those attempting to stop it will need to be as resourceful and inventive as their adversaries, according to Yaya J. Fanusie, a former CIA analyst and the director of policy for anti-money laundering and cyber risk at the Crypto Council for Innovation.
One such tool is Lion gate Network, which was able to locate and freeze approximately 100 accounts worth of cryptocurrency that belonged to Hamas, valued at $90 million.
Sarkari Network: Department of the Treasury 1 Sanctions and Penalties Now
Lions gate Network was founded a little more than a year ago as an online platform that specialises in offering money recovery services to investors and customers who fall victim to fraud and scams involving digital currencies.
Defillma claims that $7.54 billion worth of digital
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