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   [14]Middle East News | [15]Palestinians

Hamas Announces Will No Longer Use Bitcoin Cryptocurrency for Fundraising

   Hamas had endorsed crypto as a fundraising method for years, previously
   developing sophisticated tactics to solicit bitcoin donations, however,
   developments in technology that track the movement of crypto on the
   blockchain ledger have made it easier for authorities to identify those
   behind transfers
   Reuters


    [16]Reuters

   Apr 28, 2023 10:55 pm IDT
   Apr 28, 2023 10:55 pm IDT
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   Yehiyeh Sinwar, head of Hamas in Gaza, delivers a speech during a rally
   marking 'Jerusalem Day,' or Al-Quds Day, an annual celebration to
   support Palestinians in the holy city, at a soccer filed in Gaza City,
   in April.
   Yehiyeh Sinwar, head of Hamas in Gaza, delivers a speech during a rally
   marking 'Jerusalem Day,' or Al-Quds Day, an annual celebration to
   support Palestinians in the holy city, at a soccer filed in Gaza City,
   in April.Credit: Fatima Shbair/AP
   Reuters


    [19]Reuters

   Apr 28, 2023 10:55 pm IDT
   Apr 28, 2023 10:55 pm IDT

   The armed wing of the Palestinian Islamist group Hamas said on Thursday
   it would stop receiving fundraising via the cryptocurrency bitcoin, a
   method it has used for years, citing an increase in "hostile" activity
   against donors.

   "This comes out of concern about the safety of donors and to spare them
   any harm," the group said in a statement late on Thursday, adding that
   it had seen increased efforts to prevent people and groups sending it
   bitcoin funds.

   The group, Izz el-Deen al-Qassam Brigades, Gaza's most powerful armed
   faction that has fought several [20]wars with Israel over many years,
   renewed its call for "continued donation to Qassam and the resistance
   by all available means."
     * [21]The Secret Weapon That Helps Hamas Raise Millions of Dollars
     * [22]Uncovering the Dark Side of Digital Money
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       at PA's expense

   Contacted by Reuters, the Israeli military declined to comment on the
   Hamas statement.

   Policymakers and regulators across the world have for years voiced
   concern over the[24] illegal use of crypto, from money laundering to
   the financing of terrorism. Bitcoin and other crypto tokens offer high
   levels of anonymity, making them attractive to criminals.

   However, developments in technology that track the movement of crypto
   on the blockchain ledger have made it easier for authorities to
   identify those behind crypto transfers. Many major crypto exchanges now
   also run ID checks on clients.

   Hamas had endorsed crypto as a fundraising method for years, previously
   developing sophisticated tactics to solicit bitcoin donations.

   The group doesn't disclose where its financial resources come from, yet
   leaders have frequently mentioned donations by individuals across the
   Muslim world as one key source. Iran has also always been a major
   financial and military backer of the group, according to officials from
   both sides.

   Hamas is designated a terrorist organization by the United States,
   Britain and the European Union. That means that, in the United States
   for instance, it is illegal to provide it with money or training, with
   financial firms in control of related funds obliged to report them to
   the authorities.

   In 2020, the U.S. broke up efforts by the military wing of Hamas,
   al-Qaeda and Islamic State to raise funds via cryptocurrency, seizing
   some $2 million worth of crypto.

   Gaza economist Mohammad Abu Jayyab told Reuters the Hamas decision
   implied they may have felt[25] Israel could reveal the identities of
   donors or reach their wallets, and were therefore seeking to protect
   them.

   "They may also have preferred to go back to old traditional methods or
   maybe they figured out more advanced ones," he added.

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     * (BUTTON) [26]Palestinians
     * (BUTTON) [27]Hamas
     * (BUTTON) [28]Gaza

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   Yehiyeh Sinwar, head of Hamas in Gaza, delivers a speech during a rally
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