French and U.S. Authorities Uncover Crypto Network Funding Hamas
- On October 2, Paris police indicted five individuals for funneling $2 million in cryptocurrency to Hamas’ military wing.
- The Financial Action Task Force (FATF) warned about the misuse of crypto by charities, risking stricter rules on global Paypal transfers.
- French and U.S. courts are collaborating to prosecute suspects and trace digital assets involved in the scheme.
- Two France-based associations, Association Baraka and Ensemble C Mieux, were sanctioned by the U.S., along with a Gaza-based Hamas commander.
- The network raised over $2 million from donations between 2020 and October, with significant amounts converted to Bitcoin and other digital assets.
A joint investigation by French and U.S. authorities has uncovered a network using humanitarian appeals to divert cryptocurrency donations to Hamas’ military wing, leading to multiple arrests and sanctions against involved parties.
This case highlights growing concerns about the misuse of virtual assets for terror financing as global regulators emphasize tightening compliance controls while avoiding disruption of legitimate aid efforts. (Source)
