Multi-million dollar crypto seizure from terrorist organizations marks a victory for Israeli tech and intelligence.
In a groundbreaking operation, Israeli authorities have successfully seized cryptocurrency funds of millions of dollars designated for terror financing.
This revelation came on June 28th from Israel's National Bureau for Counter-Terrorist Financing. The success of this operation has been attributed to the united efforts of Israeli intelligence, defense, and justice departments as well as the innovative use of technology.
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Israeli Defense Minister Yoav Gallant, in a conference held on June 27th, revealed that the operation had been finalized "a few days ago." The anti-terrorist operation led to the largest-ever seizure of crypto from the notorious terror organization Hezbollah and the Iranian Quds Force. In Gallant's words:
We have effectively cut off the flow of terror funds via this channel.
The Defense Minister shed light on the pioneering capabilities developed at the National Bureau for Counter-Terror Financing, which were instrumental in achieving significant results. According to Gallant, Hezbollah, Quds, and "Syrian elements" had been leveraging cryptocurrency "to obtain <...> funds from third parties, mainly money changers with whom they perpetrated unlawful transactions."
Blockchain analytics company, Chainalysis, confirmed that the operation led to the confiscation of $1.7 million. The firm expressed pride in its tools that contributed to this "landmark national security achievement."
The strategy of terror outfits using crypto to fund their activities is not new. In May, the news broke that Israel has seized around 190 Binance accounts believed to have connections to terrorist organizations like Hamas and Daesh.
This unprecedented cryptocurrency confiscation from terror organizations highlights the effectiveness of the collaboration between advanced technology and intelligence. As the digital financial landscape continues to evolve, authorities worldwide can draw inspiration from this operation to combat illicit financing and strengthen global security.
