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Israel Seizes Cryptocurrency Linked to Hezbollah

1 min
Updated by Geraint Price
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In Brief

  • Israel seizes $1.7 million in cryptocurrency from wallets funding the Iranian Hezbollah militant group.
  • The seizure was conducted using blockchain analysis platform Chainalysis, aiding in tracking illicit funds.
  • The move is part of a larger effort to cut off terror financing, including previous seizures from Binance accounts.
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Israel has seized crypto worth over $1.7 million that was linked with funding the Lebanon-based Hezbollah militant group. 

Bad actors have often misused blockchain’s anonymity for their illicit activities. Hence, lawmakers and the government must have required exposure to blockchain technology to track the movement of illicit funds.

Israel Seized Crypto and Claimed Cutting Off Terror Financing

According to Chainalysis, Israel seized crypto worth $1.7 million from wallets that funded the Hezbollah group.

Hezbollah is a Lebanon-based terrorist group with a motive to disrupt Israel. Israel’s National Bureau for Counter Terror Financing (NBCTF) used the help of the blockchain analysis platform Chainalysis to conduct the seizure.

Israel’s defense minister Yoav Gallant announced:

“I would like to reveal here for the first time that a few days ago an extensive and precedent-setting operation to expose a terror financing axis using digital currencies was concluded. This is the first event of this magnitude in which an infrastructure headed by Hezbollah and the Iranian Quds Force that transferred millions of dollars for use by terrorist elements was thwarted”.

Gallant further declared that they had effectively cut off the flow of terror funding through that particular medium. The statement comes as Tether froze four addresses involved in terror financing.

List of addresses frozen by Tether, linked with Hezbollah financing
List of addresses frozen by Tether, linked with Hezbollah financing. Source: Chainalysis

Learn more about crypto wallet security here.

In May, BeInCrypto reported that Israel seized Binance accounts used by Hamas and Islamic State to fund their activities. Also, in 2022, the government seized over $800,000 worth of crypto linked with Hamas.

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

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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