Wall Street Journal Report: Hamas Uses Cryptos for its Operations

• Hamas has reportedly pivoted its financing approaches to cryptos, according to WSJ.
• BitOK has purportedly proved that digital wallets linked to exchanges used by Hamas received $41 million in cryptos.
• Hamas has discredited the allegations, clarifying that they stopped using cryptos in April 2023.

The Palestinian political and military organization Hamas has reportedly pivoted its financing approaches to cryptocurrencies, as detailed in a comprehensive investigative news story by the news organization, the Wall Street Journal.

The newly published piece delved into how Hamas, strategized by a Palestinian businessman called Zuhair Shamlakh, used cryptocurrencies for its operations. However, the report says Israel’s National Bureau for Counter-Terror Financing has identified illegal activities known as “hawala.”

For the uninitiated, “hawala,” an informal money transfer system without physical money movement, is a popular alternative remittance channel outside of traditional banking systems. Although it is illegal in most parts of the world, it is still widely practiced, especially in the Middle East region.

With this, the Bureau has seemingly issued s…

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