WASHINGTON — The U.S. Department of Justice (DOJ) has filed a forfeiture action to seize nearly $2 million in digital assets allegedly used to finance Hamas, reinforcing its stance against terrorist use of cryptocurrency platforms. The funds are currently held in accounts with Tether Limited and Binance Holdings Ltd, linked to the Gaza-based Buy Cash Money and Money Transfer Company.
U.S. Attorney General Pam Bondi emphasized the government's commitment to cutting off funding to terrorist organizations:
“Terrorist organizations like Hamas and their affiliates rely on shadowy financial networks to fund their deadly operations. 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.”
FBI Assistant Director Steven J. Jensen added:
“The forfeiture action unsealed today demonstrates that no matter what lengths terrorism financiers take to obscure their illegal transactions, the FBI will aggressively disrupt the transmission of illicit proceeds intended to support designated terrorist organizations like Hamas.”
Background on BuyCash
According to the DOJ and reporting from Walla, BuyCash and its owner Ahmed al-Qad have a history of facilitating financial support for terrorist organizations, including Hamas, ISIS, and al-Qaeda affiliates.
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In 2017, BuyCash was reportedly used to purchase online infrastructure for ISIS.
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In 2019, it facilitated transfers for an al-Qaeda-linked group.
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That same year, Israeli intelligence identified instances where al-Qad directly aided transfers to Hamas supporters.
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In June 2021, Israel’s National Headquarters for Economic Terrorism Combat seized several Hamas-connected digital accounts, including one associated with BuyCash.
Lawsuit documents detail how BuyCash users secretly funded accounts on major digital platforms, hiding their financial ties to terrorist groups. Authorities estimate that at least $4 million passed through such accounts before and after the October 7 attacks, directly supporting Hamas activities.
This case highlights the growing role of crypto in terror financing and the DOJ’s increased efforts to monitor and intercept such channels.
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