According to recent reports, the terrorist organization Hamas’ cryptocurrency funding network continues to operate its operations in association with Crypto. The U.S Department of Justice collapsed the network in 2020, but that did not stop the company.
Research analyst Joe Truzman tweeted that Hamas, a Sunni-Islamic fundamentalist, terrorist organization, continues to run its illicit bitcoin network. Hamas’ attempt to raise funds through cryptocurrencies attempt failed because of the interference of the Department of Justice (DoJ), although the messages show that it is still calling for bitcoin donations.
Reportedly the message was posted in a telegram group that had about 180,000 members, furthermore, they asked the followers to send BTC their own address. Despite U.S government efforts, the designated Foreign Terrorist Organization (FTO) is holding back its cryptocurrency funding network.
In August 2020, DoJ took action to curb group funding avenues with multiple networks. Moving forward, the DoJ worked with IRS, HSI, and FBI agents; they collectively seized about 150 cryptocurrency accounts that were reportedly used to launder funds to these organizations.
In 2019, Hamas first resorted to the use of cryptocurrencies as a long-term solution to funding problems. While the Israeli government is using surveillance methods and has seized more than $800,000 worth of cryptocurrencies by the end of December 2021 and to prevent illegal activities and transactions. This was followed by the seizure of 12 crypto accounts belonging to terrorist organizations.
Now as crypto has become an effective resource to circumvent laws and regulations, governments are cracking down on illegal activities and funding. This explanation first came to attention this year when the Canadian Trucker convoy noticed the government was implementing an emergency order and thus imposing financial restrictions on cryptocurrencies.
The possibility of using crypto to avoid the consequences of economic sanctions imposed on Russia is also under intense debate. The European Union (EU) says to include cryptocurrencies amongst their other financial considerations.
Although most cryptocurrencies are subject to regulations governing the use of freezing of accounts provided by governments in special cases such as Russia.
Read also: Use of crypto in payment is illegal but Ministry moving toward adoption: Malaysia
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