Israeli Court Orders Seizure Of 150 Banned Crypto Wallets

According to sources, the Magistrate Court in Tel Aviv has made a judgement that gives the Israeli government permission to seize all of the cryptocurrency stored in the more than 150 digital wallets that it has blacklisted for the suspicion of funding terrorist organisations.

Local Israeli media reported on December 18 that Israeli Defense Minister Benny Gantz said that the ruling the court made on December 15 has already let the government seize an extra $33,500 from digital wallets that are linked to the Islamist militant group Hamas.

Before the judgement of the court, Israeli police were only legally permitted to collect digital assets that had direct connections to terrorist activities. They were not permitted to seize other cash that was held in the same wallets. The authorities were able to remove $750,000 from the wallets in December 2021.

Since 2007, Hamas has served as the de facto ruling authority of the Palestinian territory of the Gaza Strip. Hamas is regarded as a terrorist organisation in its entirety or in part by a number of nations and international blocs, including the United States of America, the European Union, Israel, and the United Kingdom.

As of the beginning of the year 2019, Hamas started making a request to its supporters, asking them to contribute money using Bitcoin as a method of evading sanctions and breaking out of their financial isolation.

On July 9, 2021, Gantz approved an order that authorised security officers to confiscate cryptocurrency accounts that were suspected of having connections to the terrorist faction Hamas. In February, Israeli officials took possession of thirty cryptocurrency wallets and twelve cryptocurrency exchange accounts that were connected to Hamas.

It has been shown that the use of cryptography has a very minimal role in the process of financing terrorist organizations. At the beginning of 2022, a company that specialises in blockchain analytics named Chainalysis came to the conclusion that only a small fraction of crypto money is used in illegal behaviour.

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