According to a current report by the Wall Street Journal (WSJ), the U.S. Treasury Department is examining $165 million worth of cryptocurrency deals that may have supported Hamas, the Palestinian militant group.
Deputy Treasury Secretary Adewale Adeyemo signed a letter exposing these findings based upon analyzing suspicious activity reports sent in between January 2020 and October 2023.
Treasury Deputy Pushes for Legislation
Adeyemo’s letter, resolved to the leaders of the Senate Banking and House Financial Services Committees, advised assistance for legislation to broaden the Treasury Department’s oversight authority over crypto deals.
It kept in mind that the $165 million figure may not entirely be credited to crypto or Hamas, as banks might have reported the overall worth of a client’s deals, consisting of both conventional and digital possessions, as being connected to Hamas, even if just a portion of the reported activity was linked to the group.
Adeyemo revealed issues that terrorist groups like Hamas may significantly turn to cryptocurrencies for funding as standard monetary gain access to is cut off. He acknowledged that the Treasury Department examines Hamas and other terrorists’ choice for standard monetary items and services.
Over 200 Addresses Suspected of Involvement
According to the examination by the Financial Crimes Enforcement Network (FinCEN), it has actually been determined that more than 200 cryptocurrency addresses might be connected to these deals. The Treasury Department is presently taken part in a continuous assessment of the prospective threats related to cryptocurrencies and such services.
The focus of the Treasury Department’s examination was on deals signed up with U.S. organizations that may have supported Hamas before its October 7 attack versus Israel. FinCEN’s letter recommends that the reported usage of cryptocurrency by the militant group might be overemphasized, though the exact quantity stays unidentified.
U.S. legislators have actually long been talking about crypto’s function in terrorist funding to sanction Hamas. Formerly, a group of legislators led by House leaders asked for President Joe Biden for more information on Hamas’s usage of crypto through a letter.
It raised major issues about Hamas’s capability to utilize digital possessions to fund its operations, pointing out reports showing that about $41 million and about $93 million were connected to Hamas and Palestinian Islamic Jihad in between August 2021 and June 2023. It stays uncertain how much of the recognized digital properties are available to or stay in the belongings of Hamas.
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