Israel Seized Millions Of Dollars In Crypto From Iran-Supported Terrorist Group

Key Points:

• Israeli government seizes millions in cryptocurrency from the Iranian military and Hezbollah.
• Crypto used to finance operations due to banking restrictions.
• Authorities trace transactions and seize funds meant for terrorists.

According to Israel Hayom, the Israeli government has confiscated millions of dollars in cryptocurrency from wallets related to the Iranian military and the Iran-backed Hezbollah terrorist organization in Lebanon.

Defense Minister Yoav Gallant stated on Tuesday that Israel had, for the first time, captured cryptocurrency wallets linked to Iran’s Quds Force and Lebanon’s Hezbollah terror proxy. Israel’s Mossad espionage agency, military intelligence, Israeli police, and others were all engaged in the endeavor.

Gallant said the “extensive and precedent-setting” action over the previous week resulted in the seizure of millions of dollars in digital money meant for terrorists.

According to Gallant, the Quds Force, Hezbollah, and Syrian organizations have been using cryptocurrencies provided by outside parties to pay for their operations since the beginning of the year. They have been labeled as terrorist groups by the United States and certain other nations and have been barred from participating in the regular global banking system.

“Whoever finances terror or maintains economic ties to terror groups are targets, just like those directing terrorism. There is a clear connection to terror that originates in Iran, which is the financier and purveyor of terrorism against Israel and many countries around the world, both directly and through its proxies,” Gallant stated.

After the confiscation of multiple digital wallets related to terrorism finance by Jerusalem months earlier, the Palestinian terrorist organization Hamas stated in April that it would no longer accept donations through the Bitcoin cryptocurrency, citing “hostile” behavior against contributors.

While cryptocurrency is thought to provide privacy, technological advancements have allowed authorities to identify persons behind crypto transactions. Cryptocurrencies like Bitcoin are popular for illegal transactions since they are difficult to track. Without revealing a name or location, anybody in the world may open a Bitcoin account and begin receiving digital payments.

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