Latest news with #Ahmed Alaqad
The National
2 days ago
- Business
- The National
Hamas-bound crypto funds worth $2 million seized by US
About $2 million in cryptocurrency assets intended for Hamas has been seized by the US government, recently unsealed court forfeiture documents from the US Department of Justice have shown. 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.
The National
3 days ago
- Business
- The National
About $2 million in crypto funds intended for Hamas seized by US
About $2 million in cryptocurrency assets intended for Hamas has been seized by the US government, recently unsealed court forfeiture documents from the US Department of Justice have shown. 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.
