Israeli Authorities Strike a Blow Against Terrorism Funding!
In a milestone operation, Israel's National Bureau for Counter Terrorist Financing has successfully intercepted millions of dollars in cryptocurrency funds allocated for terror activities. This significant achievement was the outcome of a cooperative effort involving multiple branches of the Israeli government, intelligence services, and cutting-edge technological tools.
The successful operation led to the confiscation of cryptocurrencies that were in transit to Hezbollah, a Lebanese militant group, and the Quds Force of Iran. This marked the largest seizure of cryptocurrency associated with these groups, marking a critical blow to their financial resources, according to Israeli Defense Minister Yoav Gallant.
These groups, along with some entities in Syria, had been exploiting cryptocurrency to procure funds from third parties, primarily money changers, through illicit activities. The operation, therefore, disrupted a significant channel of funding for these organizations.
Blockchain analytics firm Chainalysis confirmed that approximately $1.7 million in cryptocurrency was confiscated by Israeli authorities during the operation. The firm proudly acknowledged that their tools played a significant role in this crucial security achievement.
This operation underscores the growing trend of the use of cryptocurrencies for illicit activities, including terror financing. In April, Hamas, a Palestinian militant group, announced it would no longer accept cryptocurrency donations due to increased efforts against supporters of such activities.
Later, Reuters reported that Israel had seized nearly 190 Binance accounts linked to ISIS and Hamas since 2021, although Binance disputed the report, claiming it omitted essential facts.
This landmark operation highlights the critical role of technology and intelligence cooperation in combating the emerging threats associated with the misuse of cryptocurrencies in illicit activities.
