Key Takeaways
- • The US Department of Justice charged six senior Hamas leaders with terrorism, murder conspiracy, material support, and sanctions-evasion offenses tied to the October 7, 2023 attacks on Israel, according to a 38-page criminal complaint announced on Tuesday.
- • Per TRM Labs, Hamas's military wing, the al-Qassam Brigades, has solicited cryptocurrency donations since 2019, and the complaint states Hamas has received "tens of millions of dollars" in crypto payments.
- • Israeli authorities seized Hamas-affiliated crypto wallets holding over $7.7 million by mid-2021, linked to the Gaza-based exchange Buy Cash, which OFAC sanctioned on October 18, 2023.
- • Post-October 7 Hamas-linked fundraising has been comparatively small: TRM identified Gaza Now, which raised tens of thousands of dollars and was sanctioned by the US on March 27, 2024.
- • TRM assesses cryptocurrency plays a relatively small role in Hamas's overall funding, which the complaint and US State Department tie largely to Iran, including IRGC support and up to $100 million annually to Palestinian groups.
Summary
The US Department of Justice announced terrorism, murder conspiracy, material support, and sanctions-evasion charges against six senior Hamas leaders, a designated foreign terrorist organization. The 38-page criminal complaint links the defendants to planning and supporting the October 7, 2023 attacks in Israel, which involved the murders and kidnappings of civilians, including American citizens. Prosecutors also detailed how Hamas has used cryptocurrency to raise and move funds.
According to the complaint and analysis from TRM Labs, Hamas raises money through multiple channels, including cryptocurrency solicitations that emphasize the perceived anonymity of digital assets. Since 2019, the al-Qassam Brigades, Hamas's military wing, has used social media and other platforms to request crypto contributions from supporters abroad, including in the United States, explicitly acknowledging the funds would support its violent campaign. The complaint states Hamas has received "tens of millions of dollars in cryptocurrency payments." Following the September 2020 US and Israeli seizure of hundreds of crypto accounts linked to Hamas, solicitations continued, with religious appeals that included videos from clerics. By mid-2021, Israeli authorities had seized Hamas-affiliated wallets holding over $7.7 million in Bitcoin, Tether, and Ether, tied to the Gaza-based exchange Buy Cash, which OFAC sanctioned on October 18, 2023. Hamas announced a halt to crypto fundraising in April 2023, citing donor safety.
After the October 7, 2023 attacks, TRM identified several Hamas-linked campaigns soliciting crypto. Gaza Now received tens of thousands of dollars in inflows, and the US sanctioned it on March 27, 2024. TRM also reported that the Gaza and West Bank-based Mujahideen Brigades raised over $20,000 in crypto since January 2024; OFAC had sanctioned that group in November 2018. TRM cautions that cryptocurrency likely plays a relatively small role in Hamas's funding overall.
The complaint emphasizes Hamas's reliance on Iran, particularly the Islamic Revolutionary Guard Corps, which provided rockets, technical assistance, and funding. The State Department has said Iran provides up to $100 million annually to Palestinian groups, moving money through shell companies, shipping transactions, and precious metals. The US Treasury has also said Hamas established a secret network of companies managing $500 million in investments across Turkey and Saudi Arabia by October 2023. TRM says it will continue monitoring cryptocurrency use by Hamas and other terrorist organizations.
According to the complaint and analysis from TRM Labs, Hamas raises money through multiple channels, including cryptocurrency solicitations that emphasize the perceived anonymity of digital assets. Since 2019, the al-Qassam Brigades, Hamas's military wing, has used social media and other platforms to request crypto contributions from supporters abroad, including in the United States, explicitly acknowledging the funds would support its violent campaign. The complaint states Hamas has received "tens of millions of dollars in cryptocurrency payments." Following the September 2020 US and Israeli seizure of hundreds of crypto accounts linked to Hamas, solicitations continued, with religious appeals that included videos from clerics. By mid-2021, Israeli authorities had seized Hamas-affiliated wallets holding over $7.7 million in Bitcoin, Tether, and Ether, tied to the Gaza-based exchange Buy Cash, which OFAC sanctioned on October 18, 2023. Hamas announced a halt to crypto fundraising in April 2023, citing donor safety.
After the October 7, 2023 attacks, TRM identified several Hamas-linked campaigns soliciting crypto. Gaza Now received tens of thousands of dollars in inflows, and the US sanctioned it on March 27, 2024. TRM also reported that the Gaza and West Bank-based Mujahideen Brigades raised over $20,000 in crypto since January 2024; OFAC had sanctioned that group in November 2018. TRM cautions that cryptocurrency likely plays a relatively small role in Hamas's funding overall.
The complaint emphasizes Hamas's reliance on Iran, particularly the Islamic Revolutionary Guard Corps, which provided rockets, technical assistance, and funding. The State Department has said Iran provides up to $100 million annually to Palestinian groups, moving money through shell companies, shipping transactions, and precious metals. The US Treasury has also said Hamas established a secret network of companies managing $500 million in investments across Turkey and Saudi Arabia by October 2023. TRM says it will continue monitoring cryptocurrency use by Hamas and other terrorist organizations.
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