Wall Street Journal Revises Misleading Article on Hamas’ Crypto Funding

On October 28, the Wall Street Journal (WSJ) revised an article on Hamas crypto funding activities. The media house had misrepresented the exact figures Hamas and the Palestine illicit groups raised from crypto funding activities.

The article “Hamas Militants Behind Israel Attack Raised Millions in Crypto” was published by the WSJ describing the Hamas sources of funds. In the article, the WSJ cited Elliptic data on the amount Hamas generated from August 2021 to June this year. The WSJ report revealed that Hamas raised $93 million from crypto funding instead of $134 million.

WSJ Corrects Misleading Article

Commenting on this, the US-based blockchain analytical firm Elliptic confirmed that the figures in the article were inaccurate. The Elliptic informed WSJ that the October 10 article required some corrections.

The blockchain company explained that in the aftermath of the Hamas-Israel war, the National Bureau for Counter Terror Financing (NBCTF)seized a substantial amount of funds tied to the Palestine Islamic Jihad.

At that time, the law enforcers noted the Palestine illicit groups had received $93 million in crypto donations from 2020 to 2023. The Elliptic team observed that the Hamas had received measurable amounts of Bitcoin (BTC) donations in 2019. However the changes in regulation on crypto assets forced the Hamas to change its funding strategy.

In 2023, Hamas stopped crypto fundraising projects due to threat on donor’s safety. In response to the Elliptic October 25 report, the WSJ corrected the figures accordingly.

WSJ Reacts to Elliptic Request

The WSJ revised article illustrates that PIJ had transferred crypto assets to its Lebanese ally Hezbollah, amounting to $12 million since 2021. Earlier, the WSJ journalist had stated that the PIJ sent over $12 million to Hezbollah.

The WSJ team confessed that the  article was thoroughly revised to ensure the data was accurate. The revised article has also included additional information provided by the Elliptic group concerning the Hamas unlawful operations.

According to the Elliptic report, the amount of crypto assets that Hamas raised was considered less than funds from other sources. In an October 27 post, the Elliptic team acknowledged the WSJ’s mistake.

Commenting on this development, the chief legal officer at Coinbase, Paul Grewal, noted that the revised WSJ article still portrays that crypto was the primary funding source for Hamas operations.

Hamas Activities Threatens National Security

The executive added that the WSJ writer only made slight corrections to the article under questioning. The revelation of using crypto assets in terrorist activities has forced Nic Carter and other crypto investors to take strategic actions.

In his address, Carter urged the US lawmakers, including Massachusetts Senator Elizabeth Warren, to devise strategies to address crypto terrorist financing.

Days after Carter’s request, Senator Warren, in collaboration with other 100 lawmakers, sent a letter to the White House urging the Biden administration to react to the Hamas situation. The letter stated that crypto terrorist financing threatened US national security.

Editorial credit: Jose HERNANDEZ Camera 51 / Shutterstock.com

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