In response to the ongoing war with Hamas, Israeli
crypto and web3 communities have joined forces for a humanitarian initiative to
raise funds to support Israeli citizens affected by the conflict.
Dubbed Crypto Aid Israel, this initiative involves a
multi-signature wallet that is jointly controlled by various parties, Coindesk
reported. The platform receives donations denominated in multiple
cryptocurrencies, such as Bitcoin, Ether, and dollar-pegged stablecoins, like
USDT and USDC.
Remarkably, Israeli banks and regulators have
stepped up to facilitate the flow of crypto donations. These financial
institutions will serve as a bridge to move crypto assets to banks, increasing
the efficiency of this humanitarian endeavor.
To ensure the security and management of these
crypto assets, Fireblocks, a crypto custody firm, has taken charge. Crypto Aid
Israel has implemented a policy requiring at least four out of seven
signatories to approve the movement of funds from the wallet, thus ensuring
transparency and accountability.
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The collaborative effort includes other key players
in the crypto community, such as MarketAcross, along with Collider Ventures,
CryptoJungle, and the Israel Blockchain Association.
Dear #Web3 frens of Israel,We are thrilled to announce the unanimous decision of our Finance Committee regarding the distribution of the first tranche of funds.
🔹 A total of 100,000 ILS has been earmarked the following causes:
🔸 60,000 ILS is being directed towards the… pic.twitter.com/aS9XJ9tD5W
— CryptoAidIsrael (@CryptoAidIsrael) October 12, 2023
Although Israel counters the impact of the war on its financial markets, Hamas previously turned to cryptocurrency as an alternative source of
revenue, CNN reported. Investigations by the US Justice Department have revealed that Hamas has been utilizing cryptocurrency in its operations for a number of years.
While details of these investigations remain undisclosed, accounts linked to the group were seized by the US government three years ago.
Cyber Offensive Targets Hamas’ Crypto Fundraising
Separately, Israel’s cyber unit recently launched an
offensive to disrupt Hamas’ financial support channels, including the attempts
to raise funds through cryptocurrency donations. The cyber unit responsible for
this operation is part of Israel Police’s Lahav 433, and it is being assisted by the National Headquarters for Economic Combating Terrorism at
the Ministry of Defense, the General Security Service, and other intelligence
agencies, Finance Magnates reported citing media publication 0404.
Israel’s cyber unit joined forces with Binance to
identify and locate Hamas-linked accounts and freeze their assets, redirecting
the funds into state coffers. The cooperation also extends to British
counterparts, who suspended a Barclays bank account used for soliciting donations for Hamas.
Hamas has a history of seeking funds in
cryptocurrencies . Israeli authorities have confiscated 189 cryptocurrency accounts connected to Palestinian and
Islamist terror groups on Binance since 2021. These accounts were held by three Palestinian currency
exchange firms.
In response to the ongoing war with Hamas, Israeli
crypto and web3 communities have joined forces for a humanitarian initiative to
raise funds to support Israeli citizens affected by the conflict.
Dubbed Crypto Aid Israel, this initiative involves a
multi-signature wallet that is jointly controlled by various parties, Coindesk
reported. The platform receives donations denominated in multiple
cryptocurrencies, such as Bitcoin, Ether, and dollar-pegged stablecoins, like
USDT and USDC.
Remarkably, Israeli banks and regulators have
stepped up to facilitate the flow of crypto donations. These financial
institutions will serve as a bridge to move crypto assets to banks, increasing
the efficiency of this humanitarian endeavor.
To ensure the security and management of these
crypto assets, Fireblocks, a crypto custody firm, has taken charge. Crypto Aid
Israel has implemented a policy requiring at least four out of seven
signatories to approve the movement of funds from the wallet, thus ensuring
transparency and accountability.
Keep Reading
The collaborative effort includes other key players
in the crypto community, such as MarketAcross, along with Collider Ventures,
CryptoJungle, and the Israel Blockchain Association.
Dear #Web3 frens of Israel,We are thrilled to announce the unanimous decision of our Finance Committee regarding the distribution of the first tranche of funds.
🔹 A total of 100,000 ILS has been earmarked the following causes:
🔸 60,000 ILS is being directed towards the… pic.twitter.com/aS9XJ9tD5W
— CryptoAidIsrael (@CryptoAidIsrael) October 12, 2023
Although Israel counters the impact of the war on its financial markets, Hamas previously turned to cryptocurrency as an alternative source of
revenue, CNN reported. Investigations by the US Justice Department have revealed that Hamas has been utilizing cryptocurrency in its operations for a number of years.
While details of these investigations remain undisclosed, accounts linked to the group were seized by the US government three years ago.
Cyber Offensive Targets Hamas’ Crypto Fundraising
Separately, Israel’s cyber unit recently launched an
offensive to disrupt Hamas’ financial support channels, including the attempts
to raise funds through cryptocurrency donations. The cyber unit responsible for
this operation is part of Israel Police’s Lahav 433, and it is being assisted by the National Headquarters for Economic Combating Terrorism at
the Ministry of Defense, the General Security Service, and other intelligence
agencies, Finance Magnates reported citing media publication 0404.
Israel’s cyber unit joined forces with Binance to
identify and locate Hamas-linked accounts and freeze their assets, redirecting
the funds into state coffers. The cooperation also extends to British
counterparts, who suspended a Barclays bank account used for soliciting donations for Hamas.
Hamas has a history of seeking funds in
cryptocurrencies . Israeli authorities have confiscated 189 cryptocurrency accounts connected to Palestinian and
Islamist terror groups on Binance since 2021. These accounts were held by three Palestinian currency
exchange firms.
