Israel seized more than $1.7 million worth of cryptocurrency that was linked to funding the Lebanese terror group Hezbollah.
Bad actors often abuse the anonymity of the blockchain for their illicit activities. Hence, legislators and government must require exposure to blockchain technology to track the movement of illicit funds.
Israel seized cryptocurrencies and claimed to cut off terrorist financing
according to decompositionIsrael confiscated $1.7 million worth of cryptocurrency from wallets financing Hezbollah.
Hezbollah is a terrorist group based in Lebanon with a motive for disrupting Israel. The Israeli National Bureau for Combating the Financing of Terrorism (NBCTF) used the help of the blockchain analysis platform Chainalysis to perform the forfeiture.
Israeli Defense Minister Yoav Gallant announce:
“I would like to reveal here for the first time that a few days ago a large-scale and precedent-setting operation was completed to expose the axis of terrorist financing using cryptocurrencies. This is the first event of this scale in which an infrastructure led by Hezbollah and the Iranian Quds Force that transferred millions of dollars for use from before the terrorist elements.”
Gallant also declared that they had effectively cut off the flow of terrorist financing through that particular avenue. The statement comes as Tether has frozen four addresses involved in financing terrorism.
In May, BeInCrypto reported that Israel had seized Binance accounts used by Hamas and ISIS to fund their activities. Also, in 2022, the government seized more than $800,000 in cryptocurrency linked to Hamas.
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