SNEAK PEEK
- Israeli agencies recovered $1.7 million in cryptocurrency linked to Hezbollah and Iran.
- Collaboration with Chainalysis freezes initial bitcoin assets of Hezbollah and Quds Force.
- Funds originated from 40 addresses held in USDT on TRON network.
In a groundbreaking operation led by various Israeli government agencies, including the Mossad, military intelligence, and the Israeli police, Israeli Defense Minister Yoav Gallant announced the successful recovery of $1.7 million in cryptocurrency.
The funds were traced back to wallets associated with the Iranian military and the notorious Hezbollah terrorist organization in Lebanon. This marks a significant milestone in the fight against terrorism financing and demonstrates Israel’s commitment to dismantling illicit networks.
The operation was made possible through the collaboration of the Israeli government with Chainalysis, a prominent crypto investigation firm. In their report released on Tuesday, Chainalysis confirmed that Hezbollah and Iran’s Quds Force had their initial bitcoin assets frozen by a government body, dealing a major blow to their funding capabilities.
The confiscated cryptocurrency, originating from approximately 40 different addresses, was primarily held in USDT on the TRON network (USDT-TRON). Subsequently, the funds were channeled through hawala services and over-the-counter brokers before ultimately finding their way to a mainstream exchange operated by Hezbollah. This complex web of transactions highlighted the need for an extensive and coordinated effort to disrupt the flow of illicit funds.
Defense Minister Yoav Gallant, speaking at the National Bureau for Counter Terror Financing’s third crypto conference held in Israel’s Ministry of Defense, hailed this operation as “the first event of this magnitude.” He emphasized that it dealt a severe blow to an infrastructure orchestrated by Hezbollah and the Iranian Quds Force, responsible for transferring millions of dollars to finance terrorist activities.
The recovery of these substantial funds signifies a significant setback for terrorist organizations and sends a clear message that their financing methods will not go unchecked. It underscores the importance of international collaboration and the utilization of advanced technologies in combating the illicit use of cryptocurrencies.
Besides the immediate impact of cutting off financial support for terrorist operations, this operation will also provide valuable intelligence for future investigations. The Israeli government’s determination to disrupt terrorist financing demonstrates its unwavering commitment to safeguarding national security and regional stability.
Moreover, this success serves as a reminder to other terrorist organizations and their supporters that their illicit activities will be met with swift and decisive action. The Israeli government, in collaboration with global partners, will continue to proactively identify and neutralize threats posed by those who seek to undermine peace and security.
Consequently, the recovery of $1.7 million in cryptocurrency from Hezbollah and the Iranian Quds Force stands as a significant achievement in the ongoing battle against terrorism financing. The Israeli government’s resolute actions underscore its commitment to safeguarding its citizens and countering threats posed by extremist organizations.
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- Source: https://investorbites.com/israeli-government-strikes-hard-on-terrorism-financing-recovers-1-7-million-in-crypto/
