Hamas’ Militant Wing Using Multiple BTC Wallet Addresses to Evade Authorities
The militant arm of Hamas, the de facto ruling authority of the Gaza Strip in Palestine is reportedly using complex measures to frustrate authorities’ attempts to track the flow of its cryptocurrency financing. This is claimed by researchers from blockchain intelligence firm Elliptic.
A spokesman for the group’s military wing had called upon supporters to make donations to the organization in bitcoin (BTC) as a strategy to combat financial isolation.
Hamas’ financial isolation stems from its classification as a terrorist organization, in whole or in part, by several countries including the United States and the European Union. Having ruled the Gaza Strip since 2007, Hamas comprises a social service arm “Dawah” and a militant faction “Izz ad-Din al-Qassam Brigades,” the latter of which initiated this year’s bitcoin fundraising appeal.
Russia, Turkey and China are among those who do not designate Hamas as a terrorist entity.
According to Reuters, Elliptic’s research unit has claimed that the al-Qassam Brigades adopted its crypto fundraising mechanism recently.