Israel busts Iran-linked crypto network funding militant groups


Israel Seizes Crypto Accounts Linked To Iran's Quds Force, Hezbollah | Bitcoinist.com

 

Yoav Gallant, the Minister of Defense of Israel, has announced the confiscation of millions of dollars in cryptocurrencies from a huge terror funding network tied to the Islamic Republic of Iran.

On Tuesday, Gallant said that the operation, the first of its kind, targeted digital wallets related to Quds Force, one of the branches of Iran's Islamic Revolutionary Guard Corps (IRGC), and Hezbollah, Lebanon-based Shia Islamist political and militant group. The Israeli Minister said that these groups used cryptocurrency to fund their daily activities. He added that funding came from a third party.

Due to their anonymity, cryptocurrencies, a digital payment system, are appealing to terrorist organizations and criminals all around the world. The Israeli Defense Minister said that the bust sets “a precedent in exposing the source of terror funding via digital currencies.” He further said, "We have thwarted the transfer of millions of dollars to terrorists.”

According to Gallant, the operation was a collaboration between the Israeli Ministry of Defence, Mossad, the Israeli military and police, as well as other smaller organizations in the country. Under the collaboration, the National Bureau for Counter Terror Financing of Israel developed new tools to combat financing of terror groups using cryptocurrency.

The bust illustrates Israel's increasingly difficult mission of thwarting Iran's operations, which it views as a means of destabilizing the country through covert means and proxies.

Gallant said, “Since its establishment, Israel has faced complex security threats. Over the years, as technology advanced, so did the threats. We are tasked with identifying and cutting off the resources intended for terrorism. Anyone who finances terrorism or has financial ties with the perpetrators of terror must know that they, too, will become targets.”

According to reports, Israel has seized approximately 200 Islamist-linked bitcoin accounts on the Binance exchange platform since 2021.

A week earlier, Hamas' armed branch said that it would stop accepting Bitcoin donations due to major security concerns.

Sources

https://www.thenationalnews.com/mena/2023/06/28/israel-busts-major-iran-linked-crypto-network-funding-militant-groups/

https://www.timesofisrael.com/in-first-israel-seizes-crypto-accounts-linked-to-irans-quds-force-hezbollah/


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