The U.S. Treasury Department and the U.K.’s Office of Foreign Sanctions Implementation have jointly sanctioned Gaza Now, a pro-Hamas online media channel, for facilitating public fundraising for Hamas.
These sanctions follow the October 7 attack in Israel and target Gaza Now’s founder, Mustafa Ayash, another individual, and two entities allegedly working with Gaza Now on multiple fundraising efforts.
The authorities have listed several cryptocurrency addresses Ayash and Gaza Now used to raise funds. The move aligns with efforts to disrupt Hamas’ ability to finance terrorist activities, including through online fundraising campaigns funneling money directly to the group.
While Gaza Now accepted crypto donations, blockchain research firm Elliptic found the group only received $21,000 in crypto in the weeks after October 7. TRM Labs’ 2023 Illicit Crypto Economy Report revealed that crypto-denominated fundraising for terrorist organizations like Hamas and ISIS tends to be small-scale, with three-quarters of terrorism-linked donations last year under $500.
The report highlighted Tether (USDT) on the TRON blockchain as the most popular choice for terrorist financing entities in 2023, with a 125% increase in TRON addresses linked to terrorist financing. The perceived difficulty in tracing transactions and minimal price fluctuations could be factors attracting these entities to TRON.
Also Read: Crypto Aid Israel Raises $185,000 For Gaza Relief
