U.S. Treasury Department is investigating $165 million in cryptocurrency transactions suspected of being linked to Hamas

The U.S. Treasury Department's unit responsible for combating terrorism financing said multiple financial institutions have reported $165 million in potential cryptocurrency transactions that may be linked to Hamas. The Financial Crimes Enforcement Network (FinCEN) analyzed suspicious activity reports filed between January 2020 and October 2023, according to a letter signed by U.S. Treasury Undersecretary Adewale Adeyemo. FinCEN discovered that more than 200 cryptocurrency addresses may have been used in these transactions. The U.S. Treasury Department is still conducting “ongoing analysis” to assess the potential threats that cryptocurrencies and cryptocurrency services may pose. "We continue to assess Hamas and other terrorists' preference for traditional financial products and services, but we remain concerned that as we cut off their access to traditional finance, these groups will increasingly turn to virtual assets," the letter states. ”(CoinDesk)