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Israel Confiscates Cryptos Alleged to Fund Hezbollah and Iranian Military

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Yesterday, the Israel authorities announced that it has confiscated crypto funds worth millions of dollars belonging to accounts that received or sent funds reportedly sponsoring projects of the Hezbollah militant group and Iranian military.

On receiving an order from Yoav Gallant, the Defense Minister earlier this week, the Israel government seized crypto wallets from the Iranian military and Hezbollah.

According to the defense minister, the cryptocurrency wallets seized are to be returned to the Israel authorities.

More Details

Going to reports from a reliable source, the Associated Press, the cryptocurrency wallets that were seized allegedly related to the Iran-supported militant group in Lebanon Hezbollah, and the Iranian military.

The mission was a multiple-agency effort and was carried out by Israel’s Mossad Spy Agency, the Israel Police, the Israel Military Intelligence Office, and many others.

Referring to the defense minister’s comments, “This mission is the first of its kind and magnitude.

However, we were able to effectively cut off the stream of terrorist financing through this medium.”

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Furthermore, Gallant alleged that Hezbollah and Iran’s military depends greatly on virtual assets to fund their militant activities.

For instance; cryptos like Bitcoin are much preferred for their illicit transactions.

The reason is that Bitcoin transactions are difficult to trace and anyone in the world can open a Bitcoin account and start getting digital funds without the need to provide an address or a name.

Therefore, countries like Iran which is under pressure from American sanctions leverage cryptocurrencies to dodge financial restrictions.

Reasons Behind The Mission

Yoav Gallant, Israel’s defense minister sent out an order for the seizure of crypto assets worth millions of dollars which belongs to Iran’s Islamic Revolutionary Guard Corps Quds Force and Hezbollah.

Gallant stated that this particular operation is quite “extensive” and the first time Israel is targeting the Hezbollah militant group and the Iranian paramilitary Revolutionary Guard’s elite Quds Force.

These 2 organizations have always been enemies of the country and have sworn to destroy the Israeli government.

Moreover, the United States and certain authorities have designated these 2 organizations as terrorist groups and locked them out of the conventional international financial system.

Previously, the Israel government has confiscated the crypto assets which were owned by the Gaza Hamas ruler’s paramilitary arm as a part of its counterterrorism funding investigations.

Gallant revealed that Israel’s seizure of Iran’s illicit funds is just a warning to “those who fund terror”.

According to him, the Israel government has created techniques and tools which can identify the parties to the so-called blockchain transactions.

Meanwhile, the Iran mission sent to the UN (United Nations) hasn’t made any response yet.

Neither did they make any comments regarding the announcement made by Israel.

Also, the exact figure of funds seized from Iran hasn’t been clarified as of now.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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