Blockchain Analysis Firm Elliptic Says There Is ‘No Evidence’ Hamas Has Raised Significant Crypto Donations

A blockchain analysis firm that specializes in preventing crypto crimes is refuting claims that the Palestinian militant group Hamas raised millions worth of donations from digital asset fundraising campaigns.

In a statement, Elliptic says there is no data to back up portrayals of crypto as a significant source of funding for Hamas and other terrorist groups.

Earlier this month, the Wall Street Journal published an article claiming Hamas raised millions in funding through crypto. US lawmakers then cited the report in their letter to the White House and U.S. Department of the Treasury that says the use of crypto to finance terrorism poses a national security threat.

“There is no evidence to support the assertion that Hamas has received significant volumes of crypto donations.”

In response to claims that the Hamas and the Palestinian Islamic Jihad (PIJ) that attacked Israel on October 7th received $130 million worth of crypto donations between August 2021 and June 2023, Elliptic says the actual amount of money raised is nowhere near the reported figures.

“There is no evidence to suggest that crypto fundraising has raised anything close to this amount, and data provided by Elliptic and others has been misinterpreted. We have spoken to representatives of the lead signatory, Senator Warren, as well as the authors of the Wall Street Journal article, to clarify this.”

Elliptic explains why crypto is not a viable terrorism fundraising tool.

“The transparency of the blockchain allows illicit funds to be traced, and in some cases linked to real-world identities. In addition, users of cryptocurrencies typically make use of centralized services such as exchanges or stablecoins. These services respond to law enforcement requests to freeze funds with links to illicit activity, or do this proactively themselves based on insights from blockchain analytics.”

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