Elliptic: Cryptocurrencies Represent Insignificant Share in Hamas Financing
Elliptic analysts have recently refuted claims about the significant amount of cryptocurrency fundraising by terrorist groups.
They stated that the data presented is misleading and there is little evidence of terrorists effectively using digital assets.
According to Elliptic, the Palestinian militant group Hamas began accepting Bitcoin donations in 2019.
However, they stopped promoting this method of fundraising in April, citing concerns for the safety of donors. Recent attacks by Hamas on Israel have resulted in only $21,000 in new cryptocurrency donations to their wallets, which have mostly been frozen.
Elliptic explained that because digital assets can be tracked, the amount raised through them remains small compared to other sources of funding.
In summary, Elliptic concluded that the scale of cryptocurrency fundraising by terrorist groups is greatly exaggerated and still remains a minor source of funding compared to other means.
