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Hamas-linked crypto addresses in Gaza under joint US-UK sanctions

This decision is aimed at cutting off Hamas’ access to funding through cryptocurrencies, which is often used by terrorist organizations to hide funds and conduct financial transactions.

Date: 2024-03-28 Author: Łukasz Michałek
Hamas-linked crypto addresses in Gaza under joint US-UK sanctions

Both US and British foreign sanctions authorities have taken aim at online media outlet Gaza Now for helping Hamas raise $21,000 in cryptocurrencies. Gaza Now promotes cryptocurrency donation campaigns and has stepped up these efforts, especially after the October 7 attack in Israel.

TheOffice of Foreign Assets Control (OFAC) and the U.K. Department of the Treasury’s Office of Foreign Sanctions Implementation (OFSI) have also imposed sanctions on Mustafa Ayash, the founder of Gaza Now, as well as other individuals and entities associated with the fundraising campaign .

The media entity provided donation options in the form of cryptocurrencies and fiat currencies, and also had references to the company Aakhirah Limited, which was also sanctioned by OFAC alongside Gaza Now. The sanctions list also applies to Aakhirah’s director, Aozma Sultana.

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“The Treasury remains committed to limiting Hamas’s ability to fund its terrorist activities, including through online fundraising campaigns aimed at funneling money directly to the group.” – announced U.S. Treasury Undersecretary for Terrorism and Financial Intelligence Brian E. Nelson in a statement on Wednesday.

The United States, working closely with our British partners, will continue to use our tools to disrupt Hamas’ ability to facilitate further attacks.”
Although Gaza Now has received huge donations, the cryptocurrency contribution amounted to just $21,000 in the weeks after October 7 to blockchain analysis firm Elliptic.

The U.K. Treasury announced a complete freeze on the assets of two suspects who were reportedly providing financial support to Gaza Now.

“All funds and economic resources in the UK belonging to or controlled by Sultana and Ayash have been frozen.”

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Gaza Now’s influence

According to Chainalytic ‘s report, the vast majority of Gaza Now’s total proceeds were received in cryptocurrencies, more than $4.4 million. These funds came mainly from mainstream exchanges.

Moreover, terrorist financiers prefer to use Tether (USDT) on the TRON blockchain, especially in 2023. According to TRM Labs, this meant a 125% increase in the number of TRON addresses linked to terrorist financing.

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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