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Home»Analysis»Hamas and Hezbollah Choose Tron Over Bitcoin in Crypto Shift, Report
Analysis

Hamas and Hezbollah Choose Tron Over Bitcoin in Crypto Shift, Report

2023-11-27No Comments3 Mins Read
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TRON (TRX), a blockchain-based digital platformhas overtaken Bitcoin (BTC) as the platform of choice for financial transfers by groups like Hamas and Hezbollah, which have been designated as terrorist organizations by the US, UK and other countries.

According to a Reuters reportThis development has opened a new front in Israel’s fight against the financing of alleged Iranian-backed militant groups.

Tron wallets targeted by Israeli seizures

According to the report, an extensive analysis of crypto seizures announced by Israeli security services since 2021 indicates a significant increase in attacks on TRON wallets and a decrease in the number of seizures related to Bitcoin wallets.

Israel’s National Bureau for Counter Terror Financing (NBCTF), responsible for seizures, froze a total of 143 TRON wallets between July 2021 and October 2023, believing them to be linked to “designated terrorist organizations” or involved in ” serious terrorist crimes’. .”

Particularly 87 of these attacks This year saw 39 portfolios linked to the Lebanese Hezbollah and 26 portfolios linked to Palestinian Islamic Jihad, an ally of Hamas.

In response to increased scrutiny of Hamas financing, Israel has intensified its investigative efforts. It found that 56 TRON wallets were linked to Hamas, 46 of which were traced to a Gaza-based money exchange company called Dubai Co. For Exchange.

TRON
TRX’s price drop of 3.7% in the last 24 hours. Source: TRXUSDT on TradingView.com

Following the recent Hamas attacks on Israel, the largest seizure of crypto accounts to date was announced, with around 600 accounts associated with Dubai Co. were frozen.

According to the report, several individuals whose assets were frozen in this seizure claimed to have used TRON for legitimate business or personal financial purposes and denied any association with Hamas or Islamic Jihad.

See also  Binance.US halts US dollar deposits due to banking challenges, says it will temporarily be a crypto-only exchange

Israel labels Dubai Co. however, as a terrorist group due to its alleged assistance to Hamas, in particular through the annual transfer of significant amounts of money.

Important Blockchain for Tether Transactions

When contacted by Reuters, a TRON spokesperson, Hayward Wong, emphasized that all technologies have the potential for abuse, citing the example of using US dollars for money laundering.

Wong further stated that TRON has no control over how its technology is used and claimed that it is not affiliated with any of the groups identified by Israel.

The report also sheds light on the dominance of the cryptocurrency Tether (USDT) within the TRON network. Tether stated that it routinely tracks and freezes used tokens illegal purposesin cooperation with law enforcement agencies.

According to Reuters, TRON has become the most important blockchain Tether transactions, which hosts a remarkable $48 billion worth of tokens. The average number of daily transactions on Tron rose to 9.1 million from April to June, a remarkable increase of over 70% compared to last year.

However, if reported by our sister website Bitcoinist, Tron has faced controversy. Tron founder Justin Sun sued the US Securities and Exchange Commission (SEC) in March over allegations of artificially inflating trading volumes and selling unregistered Tron tokens.

It is important to note that crypto transactions linked to terrorist groups have decreased since 2021, as shown in the graph below. Unlike traditional payment methods, Bitcoin and cryptocurrencies offer authorities a backdoor, a transparent path through which they can stop illegal financial flows.

TRON
Decline in Bitcoin Donations to Hamas. Source: Elliptical

The unfolding developments in this matter have yet to be fully determined, and it remains uncertain whether additional lawsuits and enforcement actions will follow against crypto companies and exchanges involved in these allegations.

See also  According to On-Chain Analyst, 80% of short-term Bitcoin holders are currently underwater on positions

Featured image from Shutterstock, chart from TradingView.com

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Bitcoin Choose Crypto Hamas Hezbollah report shift Tron
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