An Israeli court has authorized the seizure of cryptocurrency assets in over 150 digital wallets flagged as potentially used for terrorism financing.
According to a report, the Magistrate Court in Tel Aviv ruled to authorize the Israeli government to confiscate all the crypto assets in over 150 digital wallets it blocklisted for allegedly aiding terrorist organizations.
Prior to this ruling, only digital assets directly or implicitly used to fund terrorist activity were subject to seizure by Israeli authorities, while additional assets stored in the same wallets were not.
According to the report, Israeli Defense Minister Benny Gantz stated that as a result of the court’s decision, officials have already been able to seize an additional $33,500 from digital wallets associated with the Islamist militant group Hamas.
In February, Gantz issued a seizure order for crypto assets worth thousands of shekels from digital wallets for violating anti-terrorism financing rules. At the time, it was the third cryptocurrency seizure of 2022.
Some of the flagged digital wallets belonged to firms that supported the Al Mutahadun currency exchange business, which is run by the Gaza-based Shamlach family.
Since 2007, Hamas has served as the de facto ruler of Palestine’s Gaza Strip. Several nations and international organizations, including the United States, the European Union, Israel, and the United Kingdom, identify Hamas as a terrorist group in whole or in part.
According to the report, Al Mutahadun is reportedly one of two companies recommended for designation as terrorist organizations in 2021 by the National Bureau for Counter Terror Financing (NBCTF) of the Israel Defense Ministry for its role in transferring funds to Hamas.
More than 150 digital wallets have been blocklisted by Israel, and the funds in them are now subject to seizure as a result of the ruling.
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