Blockchain Association: Only a Small Portion of Hamas’ Funding Comes from Cryptocurrencies

The Blockchain Association (BA) issued a document on the X platform stating that Senator Elizabeth Warren and others should further dig into the facts and inquire about other more important sources of funding for Hamas. BA believes that clarification is needed and that Senator Warren's letter to the Treasury regarding Hamas funding is too narrowly focused and mischaracterizes the article on which it is based. BA said the cryptocurrency network is transparent, which is why Hamas stopped accepting Bitcoin earlier this year, citing law enforcement's success in tracking donors. Furthermore, only a small portion of Hamas’s funding comes from cryptocurrencies, and exactly how much of this small amount is used to directly fund attacks is unclear. Lawmakers claimed that "Hamas has raised millions of dollars through cryptocurrency to evade U.S. sanctions," and BA said Hamas and other non-U.S. entities have no obligation to comply with U.S. sanctions laws.