The United States and the United Kingdom have imposed sanctions on Gaza Now, an online media outlet, for its involvement in raising $21,000 in cryptocurrency to support Hamas, a designated terrorist organization.
Gaza Now intensified its efforts in promoting cryptocurrency donation campaigns following an attack in Israel on October 7.
The US Treasury Department’s Office of Foreign Asset Control (OFAC) and the UK’s Office of Foreign Sanctions Implementation (OFSI) has not only sanctioned Mustafa Ayash, the founder of Gaza Now, but also targeted other individuals and entities associated with the fundraising endeavors.
The media outlet facilitated donations in both cryptocurrency and fiat currency, with references to Aakhirah Limited, a company also sanctioned by OFAC concurrently with Gaza Now. Aakhirah’s director, Aozma Sultana, is also included in the sanctions list.
Brian E. Nelson, the US Treasury undersecretary for terrorism and financial intelligence, emphasized the commitment to disrupting Hamas’ financial activities, particularly online fundraising campaigns aimed at financing terrorist operations directly.
Despite significant inflows, Gaza Now received only $21,000 in cryptocurrency donations in the weeks following October 7, according to blockchain analytics firm Elliptic.
The UK Treasury, on the other hand, has announced a comprehensive asset freeze against two individuals suspected of providing financial support to Gaza Now.
The majority of Gaza Now’s total inflows, totalling over $4.4 million in cryptocurrency, were traced back to mainstream exchanges, according to a report by Chainalysis.
However, the media outlet’s wallets received around $40,000 across various cryptocurrencies.
Terrorist-financing entities have shown a preference for using Tether (USDT) on the TRON blockchain, particularly in 2023, with a 125% increase in TRON addresses linked to such activities, according to TRM Labs.
