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