Amid the fierce ongoing war between Israel and Palestine, questions have surfaced as to how Hamas is funding itself for a complete war against Israel. Well, crypto might be their solution, which also has a link to India.
It has been reported that Hamas is focusing on cryptocurrency wallets in countries supporting Israel as a means to generate funds, and a businessperson in Delhi has already fallen prey to the cyber-terrorism division of Hamas.
Crypto And Hamas
The initial instance of Hamas’ involvement in India became apparent when cryptocurrency worth Rs. 4 crore was stolen from the wallet of a businessman in West Delhi and ended up in the wallet of Hamas’ cyber terrorism division. The incident goes back to 2021 when the Special Cell of Delhi Police was investigating a cryptocurrency theft case.
According to The Times of India, in 2019, a businessman from West Delhi reported to the police that he had been a victim of a cryptocurrency theft amounting to Rs. 4 crore. He alleged that unidentified individuals had illicitly transferred his Bitcoins, Ethereum, and Bitcoin cash.
Subsequently, the Intelligence Fusion & Strategic Ops (IFSO) unit of the Special Cell initiated an extensive investigation and managed to establish connections between some of the wallets associated with members of the Al Qassam Brigades, which is the military wing of Hamas.
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What The Investigation Revealed?
The authorities disclosed that they established the connection following the sharing of information by Israel’s intelligence agency, Mossad, regarding suspicious wallets being used by terrorist groups for funding.
Upon receiving this information, the authorities conducted a thorough investigation and identified one of the wallets as belonging to Naseer Ibrahim Abdulla in Gaza. Other wallets were associated with Hamas members, including Ahmed Marzooq in Giza and Ahmed QH Safi in Ramallah, Palestine.
According to former Deputy Commissioner of Police (Special Cell) KPS Malhotra, the stolen cryptocurrency went through several private wallets before eventually reaching the wallets of Hamas members.
Why Does Hamas Use Crypto?
Hamas had experienced a surge in their fundraising activities leading up to their unexpected attack on Israel on October 7th. For example, GazaNow, a group based in Gaza that actively supports Hamas, had received nearly $800,000 in total.
However, their funds dropped significantly to less than $5,000 following the attacks that occurred last Saturday. Notably, organizations like Hamas are turning to cryptocurrencies due to the anonymity and untraceable feature they offer.
The use of cryptocurrency to finance Hamas is not a new concern for Israel. In July 2021, Israel uncovered a network of electronic wallets used by Hamas to raise funds through Bitcoin and other digital currencies and took measures to clamp down on them.
Hamas is recognized as one of the most adept users of cryptocurrency for funding terrorism, according to a former US Treasury official. This official explained that Hamas leverages cryptocurrency acquired through social media channels to circumvent international banking sanctions imposed on them because they are designated as a terrorist group by the United States and the European Union.
Image Credits: Google Images
Feature image designed by Saudamini Seth
Sources: Times Of India, Firstpost, Deccan Herald
Find the blogger: Palak Dogra
This post is tagged under: hamas, crypto, cryptocurrency, bitcoins, hamas israel war, hamas israel conflict, israel palestine conflict, hamas attacks israel, hamas terror organisation, benjamin netanyahu, indian businessman crypto stolen, Delhi, Delhi Police, cyber-terrorism, cyber-crime India
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