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Blockchain Analytics Firm Implies Data on Hamas Crypto Donations Exaggerated

2 mins
Updated by Geraint Price
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In Brief

  • Elliptic clarified that only $21,000, not millions, was donated to the Palestine-based militant group Hamas via crypto.
  • The firm revealed that crypto service providers froze a significant portion of the funds, with the USDT issuer Tether freezing $9,000.
  • Due to the traceability of crypto, Hamas decided to stop fundraising through cryptocurrency in April 2023, according to Elliptic.
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The blockchain analytic firm Elliptic has clarified that its data was misinterpreted, and only $21,000 has been donated to the militant organization Hamas through cryptocurrency.

Unlike traditional finance, crypto offers transparency and traceability. There were reports that amidst the Israel-Hamaz conflict, the militant organization received millions in donations through cryptocurrency. However, Elliptic has cleared the air.

Elliptic: No Evidence to Support Significant Hamas Crypto Donations

After the reports about Hamas receiving millions in crypto donations, US Senator Elizabeth Warren pushed for an anti-crypto bill. She said:

“The danger of crypto-financed terrorism is real and should be an urgent priority for Congress. There’s a growing bipartisan coalition of senators who are committed to passing this bill and fighting back against terrorism worldwide by choking off the financing.”

However, Elliptic cleared the confusion by stating that “only $21,000 in cryptocurrency has been donated since Oct. 7.” Moreover, the blockchain analysis firm confirmed that various crypto service providers froze a major portion of this amount.

Particularly, the Elliptic blog pointed out that Tether, the issuer of USDT, froze $9,000 in stablecoin donations. Moreover, authorities have been time to time seizing the crypto donated to Hamas. Hence, in April 2023, Hamas decided to stop raising funds through the means of cryptocurrency.

Read more: What is a Stablecoin and How do They Work?

Lastly, Elliptic states that it spoke with Senator Elizabeth Warren and the authors of a Wall Street Journal (WSJ) article to clarify the situation. Well-known crypto personalities such as Balaji Srinivasan, the former Coinbase CTO, and Venture Capitalist Nic Carter criticized the WSJ.

Nic Carter criticizes Wall Street Journal
Nic Carter criticizes the Wall Street Journal over its Hamas funding report. Source: X (Twitter)

Read more: Crypto Social Media Scams: How to Stay Safe

Do you have anything to say about crypto donations to Hamas or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto platforms in the US | March 2024

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.
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