Israeli authorities on Monday confiscated a group of 30 crypto wallets from 12 exchange accounts linked to the Gaza Strip-based militant group Hamas.
Israel claims that Hamas leaders used 12 accounts held by cryptocurrency exchange al-Mutahadun to fund terrorist activities against the country. On Monday, the Israeli Defense Ministry said Mutahadun had been helping Hamas’s military wing. Mutahadun has been transferring tens of millions of dollars a year.
The exact value of the seizure and which crypto assets were confiscated are unclear; however, Israeli officials believe that Hamas is using tens of millions of dollars in cryptocurrency to fund its military.
Law enforcement agencies and banks worldwide, such as the Bank of New York Mellon, increasingly track crypto transactions. They try their best to target financial criminals and drop the hammer.
However, blockchain transaction tracking firm Chainalysis found that only a tiny percentage of crypto funds are under usage for criminal activity.
Hamas has been accepting cryptocurrency donations since 2019, when economic sanctions began to curtail their ability to fight Israel severely.
The wallet seizure was carried out with the help of Israel’s National Counter-Terrorism Financing Agency (NBCTF). NBCTF made a similar seizure of Hamas cryptocurrencies in July 2021, when it seized Tether (USDT), Ether (ETH), Dogecoin (DOGE), XRP, BNB, Zcash (ZEC), Litecoin (LTC), and wallets of other assets confiscated.
Crypto tracking firm Cyphertrace confirmed that funds seized in July were under usage by the Al-Qassam brigade. Al-Qassam is part of the Hamas army.
Crypto-based donations are by no means limited to terrorist financing. In the first two months of 2022, the Canadian Freedom Team and the Ukrainian Resistance supporters have raised millions in cryptocurrency donations.
$14 Million Out Of $26 Million Crypto-Donation Already Disbursed In Ukraine
Michael Chobanian is a founder of Kyiv’s cryptocurrency exchange Kuna and a key figure in cryptocurrency exchange fundraising. He announced that of the Ukrainian government’s $26 million donations in cryptocurrencies during the Russian invasion, they already had spent at least $14 million.
This could go a long way to alleviating concerns about the place of cryptocurrencies in the war. Authorities worldwide worry that non-sovereign currency networks such as bitcoin and ethereum could allow Russia to evade economic sanctions. In contrast, others argue that a decentralized network could help quickly raise funds for a beleaguered country.
Transactions on most cryptocurrency networks are publicly visible — one of the guaranteed and fundamental properties of the underlying blockchain technology. But that doesn’t always mean it’s clear how the funds will be spent.
Ukraine is the second poorest country in Europe by GNI per capita and has a long history of corruption. Some worry that donations made in cryptocurrency, while traceable, may not benefit the intended recipient.
The second wallet, coordinated by the Ministry of Digital Transformation, provides funding for the military. Chobanian’s trading platform is helping governments convert cryptocurrencies to fiat because governments don’t know how to manage cryptocurrencies, according to him properly.
SocialGood App Raises $14.2 Million For Patented Crypto Back Platform
The SocialGood app, which offers users rewards for buying cryptocurrency, has raised $14.2 million in Series A funding from a venture capital firm.
The SocialGood app works with over 1,800 major online stores, including AliExpress, eBay, Nike, and more. When users shop on partner sites through the app, they can earn up to 100% back in SocialGood (SG) crypto.
The app’s user base (mostly in the U.S.) has grown exponentially globally, more than 5x in three months to more than 1.85 million users by the end of January 2022. History shows that this exponentially growing network effect that helps work is due to Bitcoin.
As the number of SocialGood app users increases, so does the value of the SG cryptocurrency and, therefore, the value of the app as it provides SG. This attracts more users and creates a virtuous growth cycle. Social Good Foundation Inc. has filed 68 patents in Japan for this innovative Crypto Back business model.
Survey data shows that 55% of the 5 billion mobile users worldwide want a bonus or refund when they shop online. On the other hand, 24-hour cryptocurrency trading volume surpassed $100 billion in February 2022.
So, a rewarding business model in crypto might seem obvious. However, Social Good Foundation Inc. has proven its ability to innovate with 68 patents related to crypto business models. Additionally, with the crypto market expected to grow tenfold every two years, the global market for the SocialGood App is likely to grow to 550 million people in the next two years.
Cryptopunk NFT Is The Latest Donation To Ukraine’s $33M Campaign
CryptoPunk #5364 was transferred to an Ethereum wallet in Ukraine on Tuesday. Including this add-up, the campaign surpasses $33 million in cryptocurrency.
Estimates of punk value vary: Tom Robinson of crypto-tracking firm Elliptic valued it at around $200,000 when he flagged donations late Tuesday; DeepNFTvalue, a blog that uses machine learning to estimate the price of rare NFTs, costs $233,000.
The punk retailed for $31,300 on its last sale in February 2021. Donors collected several other punks based on their wallet addresses.
It appeared in a series of banners of Ukraine’s rapidly accelerating crypto movement. On Tuesday alone, crypto investors have raised more than $10 million in ETH, DOT, USDT, BTC, and other crypto tokens. Ukraine asked for donations on February 26.
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