In response to the ongoing war with Hamas, Israeli crypto and web3 communities have joined forces for a humanitarian initiative to raise funds to support Israeli citizens affected by the conflict.
Dubbed Crypto Aid Israel, this initiative involves a multi-signature wallet that is jointly controlled by various parties, Coindesk reported. The platform receives donations denominated in multiple cryptocurrencies, such as Bitcoin, Ether, and dollar-pegged stablecoins, like USDT and USDC.
Remarkably, Israeli banks and regulators have stepped up to facilitate the flow of crypto donations. These financial institutions will serve as a bridge to move crypto assets to banks, increasing the efficiency of this humanitarian endeavor.
Fireblocks Takes the Lead
To ensure the security and management of these crypto assets, Fireblocks, a crypto custody firm, has taken charge. Crypto Aid Israel has implemented a policy requiring at least four out of seven signatories to approve the movement of funds from the wallet, thus ensuring transparency and accountability.
The collaborative effort includes other key players in the crypto community, such as MarketAcross, along with Collider Ventures, CryptoJungle, and the Israel Blockchain Association.
Dear #Web3 frens of Israel,We are thrilled to announce the unanimous decision of our Finance Committee regarding the distribution of the first tranche of funds.???? A total of 100,000 ILS has been earmarked the following causes:???? 60,000 ILS is being directed towards the… pic.twitter.com/aS9XJ9tD5W
— CryptoAidIsrael (@CryptoAidIsrael) October 12, 2023
Although Israel counters the impact of the war on its financial markets, Hamas previously turned to cryptocurrency as an alternative source of revenue, CNN reported. Investigations by the US Justice Department have revealed that Hamas has been utilizing cryptocurrency in its operations for a number of years. While details of these investigations remain undisclosed, accounts linked to the group were seized by the US government three years ago.
Cyber Offensive Targets Hamas' Crypto Fundraising
Separately, Israel's cyber unit recently launched an offensive to disrupt Hamas' financial support channels, including the attempts to raise funds through cryptocurrency donations. The cyber unit responsible for this operation is part of Israel Police's Lahav 433, and it is being assisted by the National Headquarters for Economic Combating Terrorism at the Ministry of Defense, the General Security Service, and other intelligence agencies, Finance Magnates reported citing media publication 0404.
Israel's cyber unit joined forces with Binance to identify and locate Hamas-linked accounts and freeze their assets, redirecting the funds into state coffers. The cooperation also extends to British counterparts, who suspended a Barclays bank account used for soliciting donations for Hamas.
Hamas has a history of seeking funds incryptocurrencies. Israeli authorities have confiscated 189 cryptocurrency accounts connected to Palestinian and Islamist terror groups on Binance since 2021. These accounts were held by three Palestinian currency exchange firms.
This article was written by Jared Kirui at www.financemagnates.com.
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