Coinbase Used To Fund Hamas

Dawid Paluch
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According to some reports, the Palestinian military and political group Hamas may be using Coinbase cryptocurrency exchange for raising funds. Hamas is recognized as a terrorist organization by the United States government.

Terrorism is one of those maleficent actions which cryptocurrencies can be used for. At the early stages of Bitcoin’s growth, the most popular cryptocurrency was used on the SilkRoad platform. Now, we’ve found out that one of the most popular trading platforms may be used in that kind of proceedings.

Hamas means fervor

Hamas is a Palestinian Sunni-Islamist fundamentalist organization. It has a social service wing, Dawah, and a military wing, the Izz ad-Din al-Qassam Brigades. Many countries regard the organization, either in whole or in part, as a terrorist organization.

Whitestream is an Israeli blockchain analytics firm. Earlier this week, the company identified several bitcoin wallet addresses referred to in the official Hamas digital media channels while requesting for public donations. One of that demand for Bitcoin was published on Reddit on January 31st. The appeal was called to support “the resistance”.

Coinbase involved

As Globes, a local newspaper, has reported, those wallets included a Coinbase account. Coinbase is the largest cryptocurrency exchange in the United States. According to the report, Hamas has been gaining funds for a while now. The Globes states:

“Israel has allowed a $15 million monthly transfer from Qatar to the Gaza Strip in the framework of new understandings reached by Israel, Egypt, and Hamas. At the same time, Hamas, which controls the Gaza Strip, is not willing to settle for the millions of dollars it receives from Qatar and is searching for more money to fund its activities.”

Fundraising via cryptocurrency platforms is a new way to gain money for Hamas. Coinbase hasn’t commented on that topic yet.

Image by Abed Rahim Khatib / shutterstock.com

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