Israel Finds Hamas's New Bitcoin Front With Iran Links

Prashant  |  Jan 20, 2020

The Interdisciplinary Center's (IDC) Institute for Counter-Terrorism (ICT) has found a new Bitcoin link to the Palestinian Sunni-Islamic fundamentalist militant organization Hamas, reported The Jerusalem Post. The exclusive report also claimed Hamas's new Bitcoin front has Iran links as well. As per the report, Hamas is using a website called “cash4ps” for sending and receiving money out of Gaza and the website assures anonymity to both the sender and the receiver of the funds.

The ICT division started monitoring a Bitcoin wallet address 1LaNXgq2ctDEa4fTha6PTo8sucqzieQctq, with suspicious activities, later they found that the wallet address is linked to the cash4ps website. Upon further investigation, the company linked to the wallet address was found to be using a bank account from a banned bank. The investigation also revealed that the wallet address has also been flagged as a fund-raising wallet for Hamas in the past.

The IDC-ICT Cyber report revealed that the al-Nasr Brigades – Lawa al-Tawahid which serve as the military arm of the Popular Resistance Committees and operates under the Hamas. It has been funded by Iran in the past but lately, the funding has slowed down, and investigators anticipate that this could be one of the reasons behind them turning towards Bitcoin.

Several Hamas Link

The suspicious website in question has been also found to have links with the Islamic National Bank, which was banned in 2010 by the US for financing terror organizations. ICT also found one Ramadan Alkurd, a.k.a. Wesam Ismael in connection with the Bitcoin fundraising and the investigators were able to link the picture to several previously available photos of the same person.

However, this is not the first time when Hamas has been found to have raised funds using Bitcoin and other digital currencies. Early last year, Hamas released a propaganda video asking its followers to donate in cryptocurrencies as government agencies have banned several banks who were helping these organizations in raising funds related to the terror funding.

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