Hamas shifts tactics in bitcoin fundraising, highlighting crypto risks: research
29 Apr 2019

The armed wing of Hamas is using increasingly complex methods of raising funds via bitcoin, researchers say, highlighting the difficulties regulators face in tracking cryptocurrency financing of outfits designated by some as terrorist groups.

The Gaza-based Izz el-Deen al-Qassam Brigades, which is proscribed by the United States and the European Union, has been calling on its supporters to donate using the digital currency in a fundraising campaign announced online in late January.

Originally, it asked donors to send bitcoin to a single digital address, or wallet.

However, according to research shared with Reuters by leading blockchain analysis firm Elliptic, in recent weeks it has changed the mechanism, with its website generating a new digital wallet with every transaction.

This makes it harder for companies around the world to keep tabs on the group’s cryptocurrency financing, the researchers said. A single digital wallet can be red-flagged to cryptocurrency exchanges, in theory allowing them to prevent funds moving through their systems to that destination.

By Tom Wilson and Dan Williams, Reuters, 26 April 2019

Read more at Reuters

Photo: Hoheit [CC BY-SA 2.0 de], via Wikimedia Commons

Read more:

Israel breaks up alleged Hamas Turkey-Hebron money laundering ring

Blockchain: Opportunities for KYC and sanctions screening

Sanctions: The fault, dear Brutus…


You can claim CPD minutes for this content, by signing up to our CPD Wallet


You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.