The military wing of "Hamas" announced late Thursday night that it would stop receiving funds through the cryptocurrency Bitcoin, a method it has used for years, citing an increase in "hostile efforts" against its donors. The Izz ad-Din al-Qassam Brigades stated that this decision was made to ensure the safety of donors and to protect them from any harm. They noted a rise in efforts aimed at preventing individuals and groups from converting Bitcoin into usable funds.
Al-Qassam, the strongest armed faction in Gaza, which has fought several wars with Israel over the years, reiterated its call for continued donations to Hamas and the resistance in various available ways. The Israeli army did not comment on Hamas's statement.
For years, decision-makers and organizational entities worldwide have expressed concerns about the illegal use of cryptocurrencies, ranging from money laundering to terrorism financing. Bitcoin and other cryptocurrencies offer high levels of anonymity, which attracts criminal groups.
Hamas has supported cryptocurrencies as a fundraising method for years and has previously developed sophisticated mechanisms for soliciting Bitcoin donations. The group does not disclose its funding sources, but its leaders have often mentioned donations from individuals across the Islamic world as one of the main funding sources. Iran is consistently cited as a key financial and military supporter of the organization, according to officials from both sides.
Mohammad Abu Jayab, an economic expert in Gaza, stated that Hamas's decision implies that the group may feel that Israel could uncover the identities of donors or access their wallets, thus seeking to protect them. He added, "They may prefer to revert to traditional old methods, or they might have found more advanced methods than those available today."
