Gaza Now, an online media outlet that supports Hamas, has been sanctioned by the US Treasury Department and the UK’s Office of Foreign Sanctions Implementation in tandem for enabling public fundraising for Hamas. Following the incident in Israel on October 7, Mustafa Ayash, the founder of Gaza Now, as well as two other individuals and businesses that are reportedly involved in repeated fundraising activities for Gaza Now, are the targets of the sanctions.
Ayash and Gaza Now, two bitcoin addresses used to raise money, have been listed by the authorities. This action is in line with attempts to obstruct Hamas’ capacity to finance terrorism, including efforts to stop money from online fundraising campaigns going straight to the organization.
Despite accepting cryptocurrencycurrency donations, Elliptic, a blockchain research firm, discovered that in the weeks after October 7, Gaza Now only received $21,000 in cryptocurrencycurrency. According to TRM Labs’ 2023 Illicit Crypto Economy Report, three-quarters of payments connected to terrorism last year were less than $500, indicating that terrorist groups like Hamas and ISIS typically raise money on a small scale using cryptocurrencycurrency.
The study showed that, with a 125% growth in TRON addresses connected to terrorist financing, Tether (USDT) on the TRON blockchain emerged as the preferred option for organizations financing terrorism in 2023. These organizations may be drawn to TRON by its low price swings and perceived difficulty in tracking transactions.
