Hamas attack paid via Russian crypto platform, Loom remains highly volatile

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Last Updated on 6 November 2023 by CryptoTips.eu

Israel has almost the most infamous security service in the world (Mossad), an incredible anti-aircraft system (the ‘Iron Dome’) and monitors international banking for suspicious transactions in collaboration with the United States and Europe.

So how did the terrorist group Hamas raise the money to finance the October 7 attack that killed more than 1,200 Israeli civilians? According to research by the Wall Street Journal, the money was partly paid by Iran and ended up with Hamas via Garantex, a Russian crypto platform that would normally not be allowed to operate due to European sanctions, but one that the Kremlin leaves untouched.

The price of the small cryptocurrency Loom remains very volatile and is now receiving multiple mentions on social media platforms.

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Telegram and Garantex

Bad news for crypto this week. Business newspaper the Wall Street Journal discovered that the financing for the terror attack by terror groups Hamas and Palestinian Islamic Jihad came through the Russian crypto platform Garantex and was paid in Bitcoin, Ether and Dogecoin. Calls for the funding were found on Telegram, the originally Russian social media channel.

Garantex has been on a European Union sanctions list since Russia’s invasion of Ukraine, but continued to operate within Russia’s borders thanks to an OK from the Kremlin. Since crypto can easily be moved anonymously, it was calculated that some 93 million dollars of the financing came through Iran.

Iran is seen as one of Hamas’s most prominent backers. According to calculations by the US State Department, the Middle East superpower provides Hamas and other Palestinian terrorist groups with approximately $100 million a year in funding. Qatar and Turkey have also supported Hamas financially in the past.

Warren

The world’s largest crypto platform, Binance, is meanwhile cooperating with Israeli police to freeze all accounts linked to Hamas, but money is still expected to flow to the organization through other channels.

The Democratic Senator from Massachusetts, Elizabeth Warren, therefore once again called for strict regulation of all crypto trading in the United States.

Loom super volatile

Uncertainty about the final price of the acquisition of Loom by the tech company Atlassian, which mainly wants to use Loom’s technology for games in the future, creates an exciting situation that could cause the currency to either crash or double in value, until an analyst ultimately comes up with a calculation of what this means for the cryptocurrency.

Yesterday, Loom rose again by almost 40% in one day to $0.50, before quickly falling to $0.37.

We previously informed you that in one month the currency rose by almost 700%. Watch out for a pullback if early buyers of this rally exit.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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