Israel Confiscates $7.7 Million Worth Of DOGE And BTC

The confiscation of 84 crypto addresses (considered to be connected with the Hamas’ terrorist organization) has been ordered by the National Bureau of Israel for meeting terror financing. A recent analysis has pointed out that numerous cryptocurrencies such as Dogecoin, Ether, Bitcoin, and Tether have been utilized by the Islamic terrorist organization based in Hamas. It indicated that the confiscated wallets contained up to $7.7M valued cryptocurrencies.

Hamas acquiring power through crypto

Benjamin Gantz, Israel’s minister of defense, sanctioned a confiscation order for 84 crypto wallets that the officials have connected to the militant group of Hamas. The Israeli government reports the addresses to be utilized in the activities related to terrorism.

Elliptic Ltd, a London-based analysis provider of blockchain, disclosed that the accused wallets of cryptocurrencies comprised of digital assets valuing more than $7.7M. A notable thing, it stated, is that all of them those addresses should not be considered to be linked with the terrorist group because some among them were included in a bigger network utilizing services like exchanges for receiving deposits from a lot of users.

It was emphasized by Elliptic that the majority of these wallets were previously associated with Al-Qassam Brigades (Hamas’ military wing). Additionally, the purpose of the addresses was to campaign for raising funds by operating from January 2019 to May 2021, and it raised Bitcoin valuing over $100,000.

It has become clear by the order that multiple of the cryptocurrencies have been utilized by Hamas counting Ether (ETH), Tron (TRX), Bitcoin (BTC), Dogecoin (DOGE), and Tether (USDT) was listed top for being mostly issued by the terrorist group in the form of digital assets.

Palestinian proceedings for its digital currency

Nowadays, Palestine is undergoing a highly turbulent phase of time. Recently, Palestine and Israel declared war against one another as a result of the complicated cultural and historical differences. Moreover, the Jewish nation does not even accept Palestine’s existence. Rather it has imposed its financial authority over the region. The Monetary Authority of Palestine is planning about launching its digital currency as it relies on a blended economy including JD (Jordanian Dinars, U.S. dollars, and ILS (Israeli Shekels).

It has been figured out by some of the experts and analysts that the step of the launching of a digital currency will place Palestine in a prestigious position regarding financial autonomy.

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