Israel Confiscates Millions of Dollars in Crypto Linked to Terrorists

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The Israeli government has confiscated funds from cryptocurrency wallets through which transactions in alleged Hezbollah and IRGC Quds Force funding schemes took place.

The Israel Defense Minister, Yoav Galant, has warned that the current operation should act as an example to those who fund terrorism, showing that the Israeli authorities can track blockchain transactions through the development of tools and methods.

This has resulted in millions of dollars worth of digital assets being seized in what is believed to be the most substantial cryptocurrency confiscation in the country’s history.

Previously, in December 2021, the Israeli government had confiscated 189 cryptocurrency accounts from Binance allegedly connected to the terrorist cells Hamas and ISIS.

This process of illicit funds being moved through cryptocurrency wallets highlights the advantages of anonymity and difficulty in tracking, which have been utilised by Hezbollah and the IRGC Quds Force for the purpose of funding their fight operations.