Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
Legislation proposed by Sen. Elizabeth Warren might get a boost amid reports that Hamas might have financed its attack against Israel in part by using cryptocurrencies.
“The danger of crypto-financed terrorism is real and should be an urgent priority for Congress,” Warren told Politico following the attack. “There’s a growing bipartisan coalition of senators who are committed to passing this bill and fighting back against terrorism worldwide by choking off the financing.”
Between August 2021 and this past June, cryptocurrency wallets tied to Palestinian Islamic Jihad received as much as $93 million in crypto, according to crypto researcher Elliptic. Additionally, over a similar time period, Hamas was able to receive over $40 million in crypto assets, research from crypto analytics and software firm BitOK found.
Still, the reports that Hamas and affiliated terrorist groups had ties and attempted to use the crypto space to fund their activities could draw more attention to efforts from lawmakers to put further guardrails in place for digital assets. Zemp said that empowering crypto companies themselves to work with law enforcement to crack down on illicit use of digital assets, money laundering, and the use of crypto wallets is a more effective way to prevent crime from being funded through crypto. He also noted that traditional asset classes, like cash, are also being used to finance terrorism and criminal activity.
One argument that crypto evangelists have used to push back on the notion that crypto is inherently amenable to criminal financing is that, unlike cash, cryptocurrency carries with it a digital footprint because of its underlying blockchain technology.
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