Elliptic: The Share of Cryptos in Terrorism Financing is Small

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In early October, Israeli authorities stopped several crypto wallets being used by the militant group Hamas, according to reports.

The operation, which involved the Ministry of Defense, Police Cyber Unit, and Israeli Security Agency, aimed to prevent radical Islamists from collecting donations in digital currency.

Although there have been concerns about terrorist groups utilizing cryptocurrencies, blockchain experts, including Elliptic and Chainalysis, believe the use of virtual currencies by extremist groups is often overstated.

In fact, these analysts suggest that cash remains the preferred method of payment for terrorists, as they face challenges when trying to exchange and store cryptocurrencies.