Hamas-bound crypto funds worth $2 million seized by US
According to court filings, the digital currency was held in Tether and Binance accounts connected through BuyCash, a 'Gaza-based money transfer business' allegedly involved in helping to finance Hamas.
'Terrorist organisations like Hamas and their affiliates rely on shadowy financial networks to fund their deadly operations,' US Attorney General Pam Bondi said.
'By seizing millions in cryptocurrency, the Justice Department is aggressively dismantling the financial infrastructure of terrorism and refusing to allow our digital currency platforms to become safe havens for terrorist financing.'
The court filings said a man named Ahmed Alaqad, a partial owner of the BuyCash operation, is also suspected of supporting groups including ISIS and Al Qaeda. Unsealed court documents accuse him of 'materially supporting Hamas' after the group's attack on Israel in October 2023.
According to the Department of Justice, the specific method of transferring funds through digital assets is likely to have resulted in Hamas receiving as much as $4 million previously.
'These types of money transfers are a classic money laundering technique, as they intend to disguise the nature, location, ownership and control of the funds being transferred,' the court filings said.
Despite growing enthusiasm for crypto, there is still plenty of scepticism. Unlike fiat currencies, crypto mostly lacks an overall regulatory apparatus and is largely decentralised, making it appealing to groups with nefarious intentions.
In May, a man in the US was sentenced to more than 30 years in prison after he was found guilty of converting $185,000 to cryptocurrency and transferring it to ISIS.
In March, an investigation originating from the FBI's field office in New Mexico led to the seizure of $201,400 in cryptocurrency assets that was intended to finance Hamas.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
20 minutes ago
- Al Etihad
ENEC, Samsung C&T Corporation sign agreement to advance global nuclear energy collaboration
29 July 2025 17:44 SEOUL (WAM)The Emirates Nuclear Energy Company (ENEC) and Samsung C&T Corporation have signed a Memorandum of Understanding (MoU) to jointly evaluate and pursue opportunities in civil nuclear energy development and investment agreement brings together ENEC's global nuclear leadership and Samsung C&T's deep engineering and infrastructure expertise to support the deployment of clean, dispatchable electricity MoU sets the stage for collaboration across several key areas. These include potential investment in conventional nuclear projects such as new builds, restarts, and brownfield Mergers and Acquisitions (M&A) activity in the US; future deployment of Small Modular Reactor (SMR) technologies in the UAE, US, and internationally; evaluation of opportunities in nuclear-powered hydrogen production in South Korea and other markets; investment in US-based nuclear service and equipment companies; and the joint assessment of the development and financing of a nuclear power plant in Al Hammadi, Managing Director and Chief Executive Officer of ENEC, said, 'Nuclear energy has a pivotal role in delivering clean electricity at scale to meet rapidly growing global demand. ENEC has demonstrated that with the right strategy and partnerships, nuclear projects can be delivered safely on time, and to the highest national and international standards. Through this MoU with Samsung C&T, we are expanding our global collaboration efforts to enable new nuclear deployment, investment, and innovation. Together, we will explore projects that deliver real impact for countries seeking energy security, decarbonisation, and long-term economic growth.'Oh Sechul, President and CEO of Samsung C&T, said, 'To ensure the stable supply of clean energy, nuclear power plays an essential role as a reliable baseload source. By combining the advanced technologies and global networks that both companies have built in the large-scale nuclear and SMR sectors, I look forward to creating synergies through close collaboration.'The signing is aligned with ENEC's international strategy and its ADVANCE program, which accelerates the evaluation and potential deployment of next-generation nuclear technologies. It also supports the UAE's wider Net Zero 2050 Strategic Initiative and positions ENEC as a catalyst for global clean energy the developer and operator of the four-unit Barakah Nuclear Energy Plant, ENEC has delivered one of the most successful new nuclear programs globally. Barakah generates 40 TWh of clean electricity annually, providing 25 percent of the UAE's total electricity demand. It is the largest source of clean electricity in the region and has avoided more than 22 million tons of carbon emissions is now leveraging this expertise through global partnerships to invest, partner and cooperate with other nations and companies to realise the benefits of civil nuclear energy.
Arabian Business
an hour ago
- Arabian Business
European Commission to investigate ADNOC's acquisition of Covestro
The proposed US$15 billion acquisition of German chemical company Covestro by XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC) – the biggest acquisition ever by a Gulf company in Europe – will be delayed as the deal is now being investigated by the European Commission. The EC has opened an in-depth investigation to assess, under the Foreign Subsidies Regulation (FSR), the acquisition by ADNOC/XRG. The Commission said they were concerned that foreign subsidies granted by the UAE to the state-owned ADNOC 'could distort the EU internal market'. Covestro shareholders had given their go-ahead to XRG 's proposed deal in December 2024. EU probes ADNOC's Covestro takeover The Commission said that 'opening of an in-depth investigation does not prejudge the outcome of the investigation'. If the European Commission probe, which has a deadline of December 2 to issue a ruling, concludes that rules have been violated, the takeover could eventually be blocked unless ADNOC makes significant concessions. The Commission's preliminary investigation indicates that ADNOC and Covestro may receive foreign subsidies. The possible foreign subsidies include an unlimited guarantee from the UAE, as well as a committed capital increase by ADNOC into Covestro. The preliminary investigation felt that the foreign subsidies may have enabled ADNOC to acquire Covestro at a valuation and financial terms that would not be in line with market conditions, and which could not have been matched by unsubsidised investors. During its in-depth investigation, the Commission said it would assess… Whether the foreign subsidies that ADNOC may have received distorted the outcome of the acquisition process. ADNOC may have offered an unusually high price and other favourable conditions, which may have deterred other investors from making an offer. Whether such potential foreign subsidies may lead to negative effects in the internal market with respect to the merged entity's activities after the transaction.
Arabian Business
an hour ago
- Arabian Business
Dubai Islamic Bank executes the first Islamic finance deal with Turkish Airlines
Dubai Islamic Bank (DIB), the world's first Islamic bank and the largest in the UAE, has executed Turkish Airlines' first-ever Islamic aircraft financing transaction. DIB acted as financier for the acquisition and induction of a new Airbus A350-941 into the Turkish Airlines fleet, with the transaction structured through a 12-year Islamic finance lease (Ijarah). Dubai Islamic Bank leads cross-border Shariah aircraft deal The transaction introduces Shariah-compliant structures to Turkish Airlines' funding portfolio, paving the way for Islamic financing to serve as a catalyst for growth within one of the world's most prestigious airline fleets and the national carrier of Turkey. By enabling one of the world's leading airlines to adopt a fully Shariah-compliant financing structure, DIB reaffirmed the strength, credibility, and adaptability of Islamic finance in delivering complex cross-border funding structures. Dr. Adnan Chilwan, Group Chief Executive Officer at DIB, commented: 'At a time when global markets are rethinking the foundations of sustainable finance, this transaction sends a clear signal that Islamic finance is no longer a niche; it is a resilient and globally relevant financial structure for the future. 'For Turkish Airlines to embrace Shariah-compliant financing for the first time and to choose DIB as their Islamic finance provider reflects both the strength of our principles and the confidence they have placed in our capabilities. 'We value this collaboration deeply. It not only supports the airline's strategic growth but also reinforces the strengthening of economic ties between the UAE and Turkey. This relationship continues to thrive on a vision rooted in mutual respect, shared ambition, and enduring cooperation.' Prof. Ahmet Bolat, Turkish Airlines Chairman of the Board and the Executive Committee, added: 'This transaction demonstrates our commitment to financial innovation and strengthening our fleet while also marking a new chapter in our cooperation with leading institutions in the UAE and the broader Gulf region. We are pleased to have completed this landmark financing in collaboration with DIB and look forward to building on this partnership in the future.' The signing ceremony in Istanbul was attended by Dr. Chilwan, Prof. Bolat, and Prof. Murat Şeker, Turkish Airlines' Chief Financial Officer and Member of the Board and Executive Committee. This transaction further strengthens DIB's position as a global leader in cross-border Islamic finance, showcasing the growing demand for Shariah-compliant solutions in capital-intensive sectors. Established in 1975, DIB is the world's first full-service Islamic bank and amongst the largest in the world with assets now exceeding US$95 billion and market capitalisation of more than US$14 billion. Established in 1933, Turkish Airlines is one of the biggest airlines in the world now with a fleet of 490 (passenger and cargo) aircraft flying to 353 worldwide destinations in 131 countries.
