Israel has seized crypto worth over $1.7 million that was linked with funding the Lebanon-based Hezbollah militant group.
Bad actors have often misused blockchain’s anonymity for their illicit activities. Hence, lawmakers and the government must have required exposure to blockchain technology to track the movement of illicit funds.
Israel Seized Crypto and Claimed Cutting Off Terror Financing
According to Chainalysis, Israel seized crypto worth $1.7 million from wallets that funded the Hezbollah group.
Hezbollah is a Lebanon-based terrorist group with a motive to disrupt Israel. Israel’s National Bureau for Counter Terror Financing (NBCTF) used the help of the blockchain analysis platform Chainalysis to conduct the seizure.
Israel’s defense minister Yoav Gallant announced:
“I would like to reveal here for the first time that a few days ago an extensive and precedent-setting operation to expose a terror financing axis using digital currencies was concluded. This is the first event of this magnitude in which an infrastructure headed by Hezbollah and the Iranian Quds Force that transferred millions of dollars for use by terrorist elements was thwarted”.
Gallant further declared that they had effectively cut off the flow of terror funding through that particular medium. The statement comes as Tether froze four addresses involved in terror financing.
In May, BeInCrypto reported that Israel seized Binance accounts used by Hamas and Islamic State to fund their activities. Also, in 2022, the government seized over $800,000 worth of crypto linked with Hamas.
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Source: https://beincrypto.com/israel-seizes-cryptocurrency-hezbollah/