US Treasury Unveils Hamas Crypto-Funding Network
A US Treasury investigation has uncovered a complex scheme involving the use of cryptocurrencies and charities to funnel over $2 million to Hamas. The network, led by Saleem al-Zaq, a Hamas military wing member, allegedly used money services businesses and crypto wallets to move funds to the Al-Qassam Brigades.
Al-Zaq's network, which included France-based fundraisers Faouzi Barika and Amel Oualid, raised money through charities that presented themselves as supporting civilians in Gaza. The funds were then pooled through traditional banking and converted into cryptocurrencies, which were sent to al-Zaq.
According to the investigation, the network allegedly changed exchanges when questioned and used various payment rails to evade detection. The Treasury's Office of Foreign Assets Control (OFAC) has sanctioned 3 individuals and 2 charities involved in the scheme, and the Justice Department has unsealed charges against al-Zaq and announced 6 arrests.