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 US lawmakers are demanding President Joe Biden act quickly to prevent terrorist groups from using cryptocurrencies as a fundraising tool following the surprise attack on Israel by Hamas.
 “Congress and this administration must take strong action to thoroughly address crypto illicit finance risks before it can be used to finance another tragedy,” said an Oct. 17 letter from a bipartisan group of 105 congressmen led by senators Elizabeth Warren and Roger Marshall, along with representative Sean Casten.&nbsp;
 The letter, addressed to the US Treasury Department and the National Security Council, asks the administration how it intends to stop Hamas and other militant organizations from using crypto in the “financing of terrorism.”
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 A bipartisan group of #US #lawmakers is urging the #Biden administration to swiftly crack down on the use of #cryptocurrencies by #Hamas and its affiliates following its deadly attack in #Israel.
 In a letter sent on Tuesday to the U.S. #Treasury Department and the #WhiteHouse… pic.twitter.com/2fq9voRVAy
 — MIDEAST TODAY (@MideastToday) October 18, 2023
 </blockquote>
 
 In the letter, the legislators say that in the months before Hamas attacked Israel, the terrorist Islamist organizations Hamas and Palestinian Islamic Jihad (PIJ) raised millions of dollars in cryptocurrency. They also said that the organizations are using crypto to evade the sanctions imposed by the US.&nbsp;
 Citing a Wall Street Journal story, the lawmakers said that the groups raised over $130 million in cryptocurrency between August 2021 and this June, with PIJ contributing more than $12 million to Hezbollah since the year began.&nbsp;
 The lawmakers also asked the Biden administration to estimate the amount of cryptocurrency that is still in Hamas-controlled wallets, the percentage of cryptocurrency that funds Hamas’ operations, and any data it may have regarding the individuals who help transfer cryptocurrency to and from Hamas and other militant organizations.
 <h3 id="hamas-a-sophisticated-crypto-user">Hamas A Sophisticated Crypto User</h3>
 Hamas militants in Gaza invaded southern Israel on October 7, killing over 1,300 people while kidnapping several others. According to Palestinian officials, over 2,650 civilians have died in Gaza since Israel retaliated.&nbsp;
 “That the terrorist organization Hamas has evolved into ‘one of the most sophisticated crypto users in the terror-finance domain, amplifies the national security threat crypto poses to the United States, and our allies,
 <h3 class="p2" id="span-class-s1-crypto-as-a-tool-for-terrorism-financing-span">Crypto as a Tool for Terrorism Financing</h3>
 Terrorists and other illicit groups such as hackers have increasingly turned to crypto, and the use of digital assets makes it more difficult to stop such fundraisings, said Israeli Defense Minister Yoav Gallant.&nbsp;
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The Israel Police's Cyber Unit, in collaboration with the Ministry of Defense, the Israel Security Agency, and other national intelligence agencies, has successfully frozen cryptocurrency accounts used by Hamas for fundraising their activities pic.twitter.com/PrUV4ybrxZ
 — Israel Police (@israelpolice) October 10, 2023
 </blockquote>
 
 As of May this year, Israel had taken control of some 190 cryptocurrency accounts on Binance, including dozens that it said belonged to Hamas-affiliated Palestinian businesses, Reuters reported.&nbsp;
 In an earlier letter, Warren called Binance and its US division a “hotbed” of illegal activity that has financed over “$10 billion in payments to criminals and sanctions evaders.”&nbsp;
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 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/us-legislators-demand-action-against-hamas-cryptocurrency-financing-tbt66883.html">https://thebittimes.com/us-legislators-demand-action-against-hamas-cryptocurrency-financing-tbt66883.html</a>
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US Legislators Demand Action Against Hamas Cryptocurrency Financing

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