Uncovering Crypto Donations: How Hamas Raised Millions of Funding?

The Hamas-Israel conflict has been raging with thousands of casualties on both sides. In another shocking revelation, the Wall Street Journal based on data from forensics firm Elliptic and Tel Aviv software company BitOK published a report which stated that the Hamas terrorist organization and its affiliates have received millions in cryptocurrency donations.

The report further states that Hamas received $93 million in crypto between August 2021 and June 2023 and received around $41 million in the same time duration.

Cryptocurrency can be seen as a financing tool for groups and nations that have been excluded from the U.S.-led global financial system.

Back in June, a source reported that Hamas’ militant wing, Izz ad-Din al-Qassam Brigades, had managed to receive up to $100,000 in bitcoin (BTC) since the start of 2021 and the donations ramped up in May when Hamas and Israel exchanged rocket attacks. As per the data from three blockchain analytics firms and CoinDesk’s analysis, Binance was used for these transactions.

Still, as per the US government, crypto isn’t the main source of capital for Hamas and affiliated groups, rather, Iran is by far the largest funding source, donating around $100 million a year.

In this regard, the head of legal and government affairs of blockchain intelligence firm TRM Labs, Ari Redbord said,

Crypto is a very small part of Hamas’ fundraising strategy. It’s mostly state-sponsored. There’s a focus on it because you are trying to cut off financing by any means. But it’s a relatively small part of the picture.

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