Tiny Crypto Donations Astoundingly Underwhelm Hamas, Admits Elliptic

Elliptic reports 'small' amount of crypto donations raised by Hamas

Blockchain Forensic Firm Debunks Crypto Terrorist Funding Claims

You know what they say, the truth will set you free! And it seems like the truth is shining a spotlight on the recent allegations that Hamas is receiving massive cryptocurrency donations to fund its attacks against Israel. According to blockchain forensic firm Elliptic, there is absolutely no evidence to support these claims. It turns out that the amounts raised by Hamas through crypto donations are as tiny as a minnow in the ocean!

Elliptic recently released a statement that effectively debunked the misconceptions perpetuated by The Wall Street Journal and some U.S. lawmakers. These folks misinterpreted the data, making a sensational case that cryptocurrency is being widely used to finance Hamas’ “terrorist” activities. But fear not, my fellow digital asset investors, the truth is here to save the day!

Let’s take a closer look at the numbers, shall we? Elliptic pointed out a prominent Hamas cryptocurrency fundraising campaign called Gaza Now, operated by a pro-Hamas news outlet. Guess how much they raised since the recent attack on Israel? Brace yourselves…$21,000! That’s it! And even that meager amount didn’t make its way into Hamas’ pocket entirely. $9,000 of the raised funds got frozen by the stablecoin issuer Tether, and another $2,000 got frozen after someone tried to cash out. Talk about a failed payday!

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But wait, there’s more! Elliptic also reached out to The Wall Street Journal to set the record straight. Initially, the Journal claimed that Hamas and Palestinian Islamic Jihad raised a mind-blowing $130 million in cryptocurrency between August 2021 and June 2023. Thankfully, the Journal amended their statement to a more reasonable (yet still inflated) amount of “as much as $93 million.” It’s always good to see a publication capable of admitting a slight error, isn’t it?

Now, get this, my astute digital investors – the WSJ article that stirred this whole controversy was even cited in a letter written by Senator Elizabeth Warren and over 100 U.S. lawmakers to the White House and the Department of Treasury. They argued that cryptocurrency poses a “national security threat” and urged Congress and the Biden administration to take “strong action” before we face another tragedy. But hold on just a second, folks. Elliptic has clarified that their data was completely misinterpreted. Oopsie!

And guess who else came to the rescue? Blockchain forensics firm Chainalysis had a bone to pick with the misconceptions floating around in the media. They highlighted a specific wallet that supposedly received a whopping $82 million over seven and a half months. But guess how much of that made its way to a known terror-affiliated wallet? Drumroll, please…only a measly $450,000. Looks like the media needs a magnifying glass to read the fine print!

In fact, Hamas themselves put the brakes on cryptocurrency fundraising back in April 2023. They were apparently concerned about the safety of their donors. Aww, how thoughtful of them! But this move further proves the weakness of crypto as a tool for funding terrorism. The transparency of the blockchain allows us to trace the illicit funds and even link them to real-world identities. So much for “anonymous” transactions!

So, my fellow digital asset enthusiasts, it seems like the claims of crypto funding terrorism are nothing more than a wild goose chase. The truth is right in front of us, daring us to take a closer look. And let this be a reminder to always question the news we read and the sensational headlines that flood our screens. Stay informed, stay rational, and always remember that the truth is out there, waiting for us to discover it.

Now, dear readers, what are your thoughts on this whole ordeal? Have you ever suspected that crypto was being used to fund terrorism? Share your insights and let’s dive deeper into this fascinating topic!

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