Palestinian members of the Ezzedine al-Qassam Brigades, the armed wing of the Hamas movement, take … [+] part in a gathering in Gaza city (Photo credit should read MAHMUD HAMS/AFP via Getty Images)
AFP via Getty Images
The Gaza-based terrorist group Hamas launched a wide scale attack on Israel on October 7, launching thousands of rockets and reportedly killing over 700 Israeli civilians. In addition, the terror group took approximately 200 hostages. How did Hamas, seemingly cut off from the global financial system as a designated terrorist organization, get the funds to carry out this attack? Although the Financial Times reported that cryptocurrency played a significant role, with over 100 suspicious Binance exchange accounts now frozen and under investigation, cryptocurrency makes up only a small piece of a much larger terror financing puzzle.
TRM Labs, the blockchain intelligence company where I work, has identified a number of fundraising efforts since the war began. For example, Gaza-based group GazaNow, which is actively supporting Hamas, is soliciting donations in cryptocurrency. Addresses used by Gaza Now have seen a total incoming and outgoing volume of about $6000 following the attacks and about $6 million overall. Notably between August 2021 and July 2022, a Gaza Now address received $12,000 from terror group Palestine Islamic Jihad, a Hamas supporter. The address, which was first active in August 2021, has received nearly $800,000 in total and less than $5000 worth of crypto since the attacks. However, these numbers pale in comparison to fiat fundraising conduits.
Hamas and other terrorist organizations rely, in large part, on aid from the international community. Iran provides an estimated $100 million annually (in fiat), according to the U.S. Department of State, with countries such as Qatar and Turkey also providing funding. European countries, the United States, and even Israel have provided significant humanitarian assistance to Gaza over the years that has likely gone to fund Hamas’ malign activity. In addition to nation state support, Hamas has a global network of charities, a diaspora of private donors, and, according to Euronews reports, the terror org collects up to $15 million from the annual taxes it imposes on goods coming from Egypt, in addition to import taxes on products from the West Bank.
Advertisement
Ironically, the flow of funds to Hamas in cryptocurrencies are the most visible and easiest to track, block and seize. Because of the native qualities of public blockchains – traceable, transparent, immutable – Israeli and U.S. authorities have had success tracing, tracking and seizing funds destined for Hamas.
One likely reason for the low donation volume to Gaza Now and other Hamas supporters is that Israeli authorities are targeting addresses associated with the fundraising campaigns. Some fundraising efforts have publicly said that they are no longer accepting donations (at least publicly) because their accounts are being targeted. On October 9, after the recent terrorist attack, GazaNow announced that they were suspending their public fundraising efforts, directing supporters to reach out through personal messaging. An admin of the campaign would then provide a link to a fundraising campaign on Instagram. Within minutes that campaign was suspended as well.
Fundraising Efforts Since War Broke Out
In addition, the cyber branch of the Israel Police’s Lahav 433 announced the seizure of cryptocurrency accounts belonging to Hamas on October 10. According to the Israeli Police, Hamas had been using accounts to raise money on social media since Saturday’s attacks. Lahav 433 is working with the Defense Ministry, Shin Bet, and other intelligence agencies in the effort to shut down cryptocurrency channels that terrorist groups are using.
Then, on October 16, the stablecoin issuer Tether
USDT said it had frozen funds in 32 cryptocurrency addresses linked to terrorism in Israel and Ukraine, and that it was working with Israel’s National Bureau for Counter Terror Financing. According to a recent TRM Labs report, USDT on the TRON
TRX blockchain is the preferred method of terrorist financiers.
Advertisement
Hamas: One Of The First Terrorist Organizations To Use Crypto
Since at least early 2019, the Izz-Al Din-Al Qassam Brigades, Hamas’ military arm, has attempted to use cryptocurrencies as an alternative fundraising method to support its military operations. Hamas initially tested cryptocurrency fundraising by soliciting Bitcoin
BTC donations on its Telegram channel before shifting to direct fundraising on its website, alqassam.net.
In August 2020, the United States Department of Justice announced the global disruption of three terror financing campaigns including the seizure of cryptocurrency accounts associated with al-Qassam Brigades. According to the DOJ release, the “three terror finance campaigns all relied on sophisticated cyber-tools, including the solicitation of cryptocurrency donations from around the world.”
In the first case, the al-Qassam Brigades posted a call on its social media page for bitcoin donations to fund its campaign of terror, then moved the request to its official websites. Working together, IRS-CI, HSI, and FBI agents tracked and seized 150 cryptocurrency accounts that laundered funds to and from the al-Qassam Brigades’ accounts. With judicial authorization, law enforcement seized the infrastructure of the al-Qassam Brigades websites and subsequently covertly operated alqassam.net. During that covert operation, funds from persons seeking to provide material support to the terrorist organization were routed to wallets controlled by U.S. law enforcement.
U.S. And Israeli Authorities Target Hamas’ Use Of Cryptocurrency
Over the last few years, Israel’s NBCTF has repeatedly targeted Hamas’ use of cryptocurrency, seizing dozens of cryptocurrency addresses with tens of millions of dollars in volume, controlled by entities affiliated with Hamas. These include Gaza-based businesses such as Dubai Co. For Exchange, al-Muhtadon, al-Mutahadun For Exchange and al-Wefaq Co for Exchange. The overwhelming majority of the funds seized have been Tether on the Tron network.
The NBCTF released a copy of an administrative seizure in July 2021 for bitcoin, dogecoin, TRON, and other cryptocurrency addresses controlled by agents of Hamas. The NBCF seizure revealed the growing sophistication of terrorist financing campaigns, which are now using multiple chains and currencies to evade sanctions and detection by law enforcement. A senior Hamas official reported to the Wall Street Journal in 2021 that its fundraising strategies continue to evolve as more restrictions are being placed on it. This evolution will likely involve a continued shift to multi-asset donations and increasingly sophisticated laundering methods.
Advertisement
Al-Qassam Brigades announced in April 2023 that it would stop receiving donations in bitcoin “out of concern about the safety of donors and to spare them any harm,” adding that it had seen an “intensification of hostile efforts against anyone who tries to support the resistance through this currency.”
While Israel executes a kinetic response, hunts terrorist leaders, and plans the rescue of hostages, it is clear that the focus is also on reducing crypto fundraising among terrorist organizations. As the digital world rapidly evolves, we are likely to see more attempts by terrorist financiers to take advantage of the promise of blockchains to move funds at unprecedented speed and scale. But, we will also see authorities in the U.S., Israel and around the world leverage blockchain technology to stop them.
Dogecoin DOGE/USD experienced a 5% surge following a tweet by Elon Musk on X. This has sparked fresh speculations about the imminent payments service on Musk’s social app.
What Happened: Musk’s Friday post, which featured a screenshot of podcaster Joe Rogan’s X profile, triggered the increase in Dogecoin’s price.
The post displayed a unique dollar icon, different from the app’s tipping service, leading to speculations that it could be related to the anticipated X Payments service.
Musk responded to the speculation with a simple “true”, further fueling the rumors. Dogecoin’s price has historically been influenced by payment-related news from any of Musk’s ventures, including X, formerly known as Twitter.
There are speculations that once the service is live, it might support transactions with digital assets like DOGE, given Musk’s known fondness for the token.
Advertisement
Musk’s electric car company, already accepts DOGE payments for certain merchandise purchases in its online store.
Also Read: Dogecoin’s Active Users On The Rise, Will This Impact DOGE Price?
Over the past 24 hours, DOGE has advanced 6.16% and at the time of writing it was trading at $0.4332, outperforming the stagnant Bitcoin BTC/USD prices. The token has risen 190% over the past month, trading at its highest level since May 2021.
Why It Matters: The surge in Dogecoin’s price following Musk’s tweet is significant as it highlights the influence Musk has over the cryptocurrency market.
His tweet sparked speculations about the forthcoming X Payments service, which could potentially support transactions with digital assets like DOGE.
Advertisement
This is particularly noteworthy given Musk’s known fondness for the token and the fact that his electric car company, Tesla Inc., already accepts DOGE payments for certain merchandise purchases.
The rise in DOGE’s price also outperformed the stagnant bitcoin prices, indicating a growing interest in alternative cryptocurrencies.
Read Next
Crypto Analyst Predicts This Altcoin Will Explode 260% In 2024, And It’s Not Dogecoin Or Shiba Inu
Advertisement
Market News and Data brought to you by Benzinga APIs
Bitcoin prices hovered around $98,608 on Saturday on international exchanges, buoyed by the euphoria over Donald Trump-led Republican party reclaiming the White House. With its total market cap touching more than two trillion dollars, the oldest cryptocurrency has witnessed a spike of 51 per cent in the past one month.
There is hope that the Donald Trump-led US administration will adopt crypto-friendly policies when it takes over in January next year for its second term. The rally got further impetus when BlackRock’s spot Bitcoin ETF options were listed on Nasdaq on Tuesday.
Indian crypto industry insiders are naturally upbeat about this rally. Balaji Srihari, Business Head of CoinSwitch, says, “Bitcoin surged to an all-time high, signalling that the much-anticipated $100,000 milestone could be within reach- many analysts predict that this mark could be achieved as early as the end of November. Since the recent US election, Bitcoin has been consistently setting new records, encouraged by expectations of a more supportive regulatory framework and a potential national Bitcoin reserve; that can legitimise Bitcoin as a government-backed asset. BlackRock’s Bitcoin ETF debuting options trading on Nasdaq is a big sign of increasing crypto adoption.”
Apart from bitcoin, other crypto tokens too have witnessed a surge. XRP, for instance, has surged 188 per cent in the past one month, and 37 per cent in the past five days alone. Ether trades at $3,354 and BNB trades at $665 on Saturday, according to Coinmarketcap data.
Shivam Thakral, CEO of BuyUcoin, says, “In the last 24 hours, Bitcoin reached a record high of $99,000. XRP led the charge with a remarkable 25 per cent increase, driven by renewed optimism surrounding a more crypto-friendly regulatory environment in the US. It is anticipated that Donald Trump’s win in the election will drive the implementation of crypto-friendly policies, which will, in turn, enhance market sentiment. As trading volumes rise and hopes for ETF approvals increase, the future looks extremely positive for XRP and the wider cryptocurrency market as we near the end of the year.”
Advertisement
Vishal Sacheendran, Head of Regional Markets at Binance, says, “Bitcoin’s rally, fuelled in part by the optimism surrounding Donald Trump’s re-election, represents a transformative moment for the crypto and Web3 space. His administration’s support for digital assets could lead to more progressive regulations, fostering an environment conducive to greater institutional and retail investment in the sector. I believe that the broader crypto ecosystem could benefit from policies that promote blockchain infrastructure, and provide a better route for financial institutions to engage with crypto.”
Caution needed
Despite all the positive factors, crypto experts believe that investors should stay cautious and not get too carried away. It is common knowledge that bull runs are often followed by steep corrections. So, one should be cautious before getting too elated. “Amid the excitement, traders should stay cautious. Big price jumps often lead to sharp corrections, and using too much leverage could amplify risks during volatile periods,” says Srihari from Coinswitch.
“It is also important to note that in a bull market like this, investors should also remain mindful, conduct thorough research, and not make investment decisions solely based on market sentiment or hype,” adds Sacheendran of Binance.
Cryptocurrency Prices Today, November 23: The broader market movement on Saturday sparked bullish momentum globally. Bitcoin remains steady at $98K, while major altcoins like ADA, XRP, and AVAX surged between 14% and 25%. Notably, Hedera (HBAR) and Stellar (XLM) emerged as top performers, registering jumps of 25% to 55% in the last 24 hours.
Simultaneously, the global crypto market cap witnessed a 1.5% increase in the past 24 hours, currently at $3.33 trillion. However, the total market volume declined by 12% from yesterday and is now at $219 billion. Let’s dive into a brief report on the top cryptocurrencies by market cap and their price movements on November 23.
Cryptocurrency Prices Today: BTC Holds Steady, ETH & SOL Unchanged, XRP Soars 15%
Bitcoin (BTC) remains stable at $98K, holding its position for the past 24 hours. Similarly, Ethereum (ETH) and Solana (SOL) have shown no significant movement during this period. However, XRP has surged by 14%, leading the gainers. Among the top meme coins, Dogecoin and Shiba Inu have also witnessed a 9% increase in the last 24 hours, reflecting positive momentum in the cryptocurrency prices today.
Bitcoin Price Today
BTC price chart appears steady, currently trading at $98,550. Its intraday low and high are $97,222 and $99,655, respectively. Bitcoin’s market cap is $1.95 trillion, with a 24-hour trading volume of $76 billion.
Advertisement
According to Sosovalue data, 22.85 million BTC flowed out of 12 BTC ETFs. However, BlackRock’s IBIT data is still awaited. With a dominance of 58.59%, Bitcoin remains the largest cryptocurrency by market cap.
Ethereum Price Today
Ethereum (ETH) remains unchanged, currently trading at $3,333. Its 24-hour low and high are $3,262 and $3,428, respectively, showing minimal price movement. ETH has gained 7% over the past week, indicating positive short-term performance. With a market cap of $400 billion, ETH remains strong in the market.
The 24-hour trading volume for Ethereum is $38 billion, and it commands a market dominance of 12%. ETH ETFs saw an outflow of 8.47 million, and BlackRock’s IBIT data is yet to be released, which may further influence the market.
Solana Price Today
Solana (SOL) is down by 2% in the last 24 hours, currently trading at $255. Its 24-hour low and high are $252 and $263, respectively, showing slight fluctuations. Over the past week, SOL has risen by 17.5%, reflecting strong growth. With a market cap of $121 billion and a 24-hour trading volume of $7 billion, Solana remains the fourth-largest cryptocurrency globally.
XRP Price Today
XRP price has jumped by 15% in the last 24 hours, currently trading at $1.566. Its 24-hour low and high are $1.367 and $1.621, respectively, showing strong volatility. XRP has surged by 75% in the past week and 200% in the last 30 days, reflecting impressive growth. With a market cap of $89 billion and a trading volume of $20 billion, XRP is now the sixth-largest cryptocurrency by market cap.
Advertisement
Meme Coins Performance Today
Dogecoin (DOGE) has increased by 9% and is currently trading at $0.42. Its 24-hour low and high are $0.3858 and $0.4296, respectively, showing solid market movement.
Similarly, Shiba Inu (SHIB) is also up by 9%, trading at $0.00002698. Its 24-hour low and high are $0.00002437 and $0.00002749, respectively, reflecting positive momentum.
On the other hand, other meme coins like PEPE, BONK, and WIF have experienced declines of 2% to 8% in the past 24 hours. These drops indicate some volatility in the meme coin sector.
Advertisement
Top Cryptocurrency Gainer Prices Today
Stellar
Stellar (XLM) price is currently trading at $0.44, marking an impressive 55% increase in the last 24 hours. Its 24-hour low and high are $0.2766 and $0.4624, respectively, reflecting significant volatility and strong market momentum.
Hedera
Hedera (HBAR) is currently trading at $0.1542, up by 25% in the last 24 hours. Its 24-hour low and high are $0.1275 and $0.1681, respectively, showing strong price fluctuations and growth.
Cardano
Cardano (ADA) price is up by 24% and is currently trading at $1.09. Its 24-hour low and high are $0.85 and $1.137, respectively, reflecting significant movement, and it is the ninth-largest cryptocurrency by market cap.
Top Cryptocurrency Loser Prices Today
Peanut the Squirrel
Advertisement
Peanut the Squirrel (PNUT) is down by 13% in the last 24 hours and is currently trading at $1.11. Its 24-hour low and high are $1.04 and $1.31, respectively, indicating a decline in its price.
Popcat (SOL)
Popcat (POPCAT) is down by 9% and is currently trading at $1.43. Its 24-hour low and high are $1.415 and $1.612, respectively, showing a decline in price over the past day.
Raydium
Raydium (RAY) is down by 8% in the last 24 hours and is currently trading at $5.98. Its 24-hour low and high are $5.913 and $6.432, respectively, indicating a decrease in price during this period.
Besides, the hourly time frame chart continues to spark bullish momentum for cryptocurrency prices today. BTC is up by 0.4%, ETH is up by 0.5%, and Dogecoin has risen by 4%, sparking discussions among traders and investors about future price movements.
Advertisement
✓ Share:
Advertisement
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
/cdn.vox-cdn.com/uploads/chorus_asset/file/25739950/247386_Elon_Musk_Open_AI_CVirginia.jpg "Inside Elon Musk’s messy breakup with OpenAI")
✓ Share: