U.S. and British authorities have stepped up their crackdown on entities linked to terrorist financing through cryptocurrencies following the October 7 attack on Israel.
As such, the US Treasury Department's Office of Foreign Assets Control (OFAC) and the UK Office of Foreign Sanctions Enforcement (OFSI) announced earlier this week that two individuals and three imposed new sanctions on the group. , Hamas.
Pro-hamas group faces sanctions
The sanctioned companies include Gaza-based social media company Gaza Now and two London-based companies, Al-Qureshi Executives and Aakhirah Limited. Gaza Now founder Mustafa Ayash and head of London operations Aozma Sultana were also targeted. They were found to be promoting pro-Hamas content and facilitating fundraising efforts for the organization.
Gaza Now has long promoted crypto donation campaigns, but some of the addresses highlighted in the sanctions designation started receiving funds in 2021, according to Chainalysis' latest findings.
However, Gaza Now has stepped up its efforts since October 7, changing its address frequently as a result of increased surveillance following the attack and subsequent increase in the channel's following. Gaza Now regularly posts and deletes requests for donations, switching between several different cryptocurrencies as part of the process. About these efforts.
According to Chainalysis, Gaza Now has openly declared support for Hamas and has been running a cryptocurrency donation campaign for quite some time, with some addresses flagged to receive funds starting in 2021. It is said that there is.
However, blockchain intelligence companies have reported that following the increased attention following the October 7 attacks, pro-Hamas online media channels frequently changed donation addresses, posted and deleted donation requests, and even discovered that they were switching between various cryptocurrencies.
additional revelations
Chainalysis also found that all inflows primarily came from mainstream crypto exchanges. The reported address received funds from three wallets previously seized by the National Bulk Cash Smuggling and Counterfeiting Task Force (NBCTF), as well as an Iranian exchange in Iran and a financial services business (MSB) in Gaza. .
The company also discovered that Gaza Now's personal wallet received just over $40,000 in various crypto assets.
Instant exchanges, crypto tumblers, and smart contracts are also facilitating these fund transfers, indicating that donors are trying to hide their activities.
The amounts of transactions submitted to Gaza Now were found to vary, with most being less than $10,000. Chainalysis speculated that the large transfer may not have been a donation, but rather an internal transfer of funds by the company or its affiliates.
