- Crypto Aid Israel is disbursing donated crypto to relevant NGOs on the war front.
- Hamas is also using crypto to fund its war, drawing calls for swift sanctions.
In light of the attacks launched on Israel by the Palestinian militant group Hamas, donations made in cryptocurrencies to the former have surpassed $185,000, based on a report from Crypto Aid Israel. Notably, Crypto Aid Israel is a group of local leaders in the digital asset ecosystem.
Over 30 blockchain and Web 3.0-based companies have exhibited solidarity and collective power by contributing to the emergency relief initiative designated to support the war victims in Israel.
This counts as substantial progress in the mission to support Israelis affected by the latest bout of Hamas terrorism. One of the notable contributors who has provided assistance with fundraising and distributions is top accounting firm KPMG. Zengo, Fuse, Wonderland, Psagot Equity, and many others have also been part of the donation process. Besides financial contributions to Israel, most of their contributions have been in the area of raising awareness.
The Fund Beneficiaries
In addition to the news of new contributors from the Web3.0 space, Crypto Aid Israel confirmed the completion of two funds distribution rounds. A couple of non-profit organizations that have been pioneering the relief efforts received funds that totaled around $50,000. It is expected that these donations will play a huge part in positively impacting the lives of those affected by the attacks.
In a document shared with Crypto News Flash about four NGOs were recipients of the donations. The Foundation for Advancing Citizens of Eshkol Regional Council received funding for transportation and shelter needs for some citizens. The beneficiaries of the donation live in areas not too far from Gaza but the government of Israel does not officially regard them as citizens.
Another Israeli volunteer-based NGO identified as Zaka received contributions from Crypto Aid Israel for the purchase of critical medical equipment including helmets and ceramic vests for volunteers who have been searching the ruins for dead bodies. Usually, Zaka’s operation is in the area of search and rescue, disaster response, and emergency medical services.
Lev Echad by Or Hanegev veHagalil and Latet equally received funding which went into the provision of essential provisions like food, hygiene products, and clothing. Notably, Latet’s operation is been done on a large scale and is more focused on the south.
Palestinian Hamas Misuse Crypto
The use of cryptocurrencies in the Israeli-Palestine battle has been going on both ways. This means that Israel and Palestine have been making use of crypto in this battle. While that of Israel seems to be for a good cause, Hamas has been allegedly utilizing digital assets to fund its terrorist attacks and evade United States sanctions.
Lawmakers and senators of the White House, including Elizabeth Warren, are beginning to grow extremely uncomfortable with the illegal use of crypto. Hence, there is a current aggressive push for the White House to crack down on the use of these virtual assets by Hamas and its associates.
