Hamas receives Bitcoin donations via Coinbase cryptocurrency exchange

Hamas receives Bitcoin donations via Coinbase cryptocurrency exchange

According to Israeli blockchain intelligence startup, Whitestream, the Palestinian Islamist movement, Hamas, uses the American cryptocurrency exchange Coinbase to receive Bitcoin donations, Globe reports.

As Israeli daily business publication “Globes” reported on February 3, Palestinian Sunni-Islamist fundamentalist organization, Hamas, has begun soliciting donations through Coinbase, the leading cryptocurrency exchange in the US. The publication noted, that such activity breaches the policy for using Coinbase’s services, which are subject to the laws of the 42 countries in which it operates.

Last Thursday, a Bitcoin wallet address was shared on the official Telegram account of Hamas, incentivizing followers to send donations to the Palestinian fundamentalist organization.
Moments later, blockchain intelligence company, Whitestream, identified several Bitcoin transactions to Hamas organization’s wallet and was able to trace its activity on the U.S.-based Coinbase crypto exchange platform. According to Israeli-based startup, after the Bitcoin address was published, two transactions, totalling $2,500, were made to Hamas’s Bitcoin wallet. The investigation findings were forwarded to the security agencies.

As Globe reports, Whitestream found that one of the donations transferred to Hamas’s Coinbase Bitcoin wallet was sent on Thursday from a “Buy Cash” bitcoin trader in Khan Yunis in the Gaza Strip. Other transactions were made from wallets tied to globally operating Binance and Russian Vilkov cryptocurrency exchanges as well as other Coinbase accounts.

In their interview to Globe, Whitestream’s founders, Itsik Levy and Uri Bornstein, noted that only 2% of all bitcoin transactions are in some way related to darknet and illegal activities. “In exposing illegal activity, you could say that blockchain itself does most of the work. All activity on the network is registered and documented, so it can be read at a later stage. We have been decoding blockchain transactions for a long time. According to our figures, only 2% of total bitcoin turnover involves the darknet or is related to terrorist or criminal activity,” the startup’s founders said.

About Mantas Malukas

Mantas is the founder of DappLife, crypto investor and an online entrepreneur who has professionally immersed in digital publishing and development for over a decade.