"Hopefully after this there will be many more parties who can give aid to Hamas."
Hamas and its allies recently managed to receive millions in donations in cryptocurrency, the Wall Street Journal reported based on data from forensics firm Elliptic and Tel Aviv software company BitOK.
Palestinian Islamic Jihad received $93 million in digital assets between August 2021 and June 2023, Elliptic reported, adding that Hamas received approximately $41 million during the same period.
Yet crypto is not the main source of money for Hamas and affiliated groups such as Palestinian Islamic Jihad and Lebanon-based Hezbollah following Iran are its biggest sources of funding reaching $100 million a year.
Even so, crypto is a small part of Hamas' fundraising strategy because it is mostly government-sponsored, said Ari Redboard, head of legal and government affairs at blockchain intelligence firm TRM Labs.
Digital assets are often seen as a fake payment method for groups or countries that cannot access the global financial system controlled by the United States (US).
This is because North Korean hackers have made millions of dollars in crypto from hacking various protocols and projects, but concerns among government agencies have arisen as its privacy nature has made the flow of funds difficult to trace.
Reported in June, Hamas' militant wing the Izz ad-Din al-Qassam Brigades has received up to $100,000 in Bitcoin (BTC) since the beginning of 2021, with donations increasing in May when Israel and Hamas exchanged rocket attacks.
It's also widely known that giant crypto exchange Binance has been in the middle of a deal, according to data from three blockchain analytics firms and CoinDesk analysis.
