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Home»BITCOIN NEWS»Hamas and Hezbollah choose Tron over Bitcoin in cryptocurrency conversion
BITCOIN NEWS

Hamas and Hezbollah choose Tron over Bitcoin in cryptocurrency conversion

By Crypto FlexsNovember 27, 20233 Mins Read
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Hamas and Hezbollah choose Tron over Bitcoin in cryptocurrency conversion
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Tron (TRX) Blockchain-based digital platformsurpassed Bitcoin (BTC) as a platform for financial transfers of Hamas and Hezbollah, which have been designated as terrorist organizations by the United States and the United Kingdom.

According to Reuters reportThese developments open a new front in Israel’s war against the funding of militant groups suspected of being backed by Iran.

Tron wallet subject to Israeli confiscation

According to the report, a comprehensive analysis of cryptocurrency seizures published by the Israeli Security Service since 2021 highlights a significant increase in targeting of TRON wallets and a decrease in seizures involving Bitcoin wallets.

Israel’s National Counter-Terrorism Financing Task Force (NBCTF), which is in charge of the seizure operation, froze a total of 143 Tron wallets from July 2021 to October 2023, presuming they were linked to ‘designated terrorist organizations’ or involved in ‘serious terrorist crimes.’ . .”

Especially 87 These seizures The incidents occurred this year, including 39 wallets linked to Lebanese Hezbollah and 26 wallets linked to Palestinian Islamic Jihad, a Hamas ally.

As investigations into Hamas financing intensified, Israel stepped up its investigative efforts. 56 TRON wallets were found to be linked to Hamas, while 46 were linked to Dubai Co. It was traced to a Gaza-based currency exchange company called For Exchange.

In the last 24 hours, the price of TRX fell 3.7%. Source: TradingView.com TRXUSDT

Following the recent Hamas attack on Israel, the largest cryptocurrency account seizure to date has been announced, freezing approximately 600 accounts linked to Dubai Co.

Several individuals whose funds were frozen in the seizure claimed to have used TRON for legitimate business or personal financial purposes and denied any affiliation with Hamas or Islamic Jihad, according to the report.

However, Israel lists Dubai Corporation as a terrorist organization due to its alleged support for Hamas, particularly by transferring significant amounts of funds each year.

Major blockchains for Tether transactions

Contacted by Reuters, TRON spokesperson Hayward Wong emphasized that any technology has the potential to be misused, citing examples of US dollars being used for money laundering.

Wong also argued that TRON lacks control over how its technology is utilized and has no links to groups identified by Israel.

The report also highlights the dominance of cryptocurrency Tether (USDT) within the TRON network. Tether said it regularly tracks and freezes tokens used for the following operations: illegal purposeWorks collaboratively with law enforcement agencies.

According to Reuters, TRON has become a major blockchain. tether trading, which hosted a whopping $48 billion worth of tokens. Tron’s average daily transaction volume was 9.1 million from April to June, a notable increase of more than 70% compared to the previous year.

But like this: reported Tron has faced a lot of controversy as per its sister website Bitcoinist. Tron founder Justin Sun sued the U.S. Securities and Exchange Commission (SEC) in March, accusing him of artificially inflating trading volumes and selling unregistered Tron tokens.

It is important to note that cryptocurrency transactions linked to terrorist groups have been decreasing since 2021, as seen in the chart below. Unlike traditional payment methods, Bitcoin and cryptocurrencies provide authorities with a backdoor, a transparent route to stop illicit financial flows.

tron
Bitcoin donations to Hamas decline. Source: Elliptic

The developments on this matter have not yet been fully determined, and it remains unclear whether there will be further litigation and enforcement actions against cryptocurrency companies and exchanges related to these claims.

Featured image from Shutterstock, chart from TradingView.com

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