Israel Confiscates Cryptocurrency Allegedly Used for Funding Hezbollah and Iran's Revolutionary Guard

cryptonews.com:

Israel has seized millions of dollars worth of cryptocurrency allegedly used to finance the Iran-backed militant groups.

In a Tuesday announcement, Israeli Defense Minister Yoav Gallant said he had spearheaded the operation and ordered the confiscation of cryptocurrency wallets involved in these financing schemes, according to a report by The Washington Post.

The wallets had sent and received funds from Hezbollah militant group in Lebanon and the Iranian paramilitary Revolutionary Guard's elite Quds Force. 

The seized funds will be turned over to the Israeli government.

Gallant described the operation as "extensive" and stated that it marks Israel's first direct targeting of Hezbollah and the Quds Force. 

Both organizations have long been designated as terrorist groups by the United States and other governments, and are consequently barred from accessing traditional global financial systems. 

The operation was a multi-agency effort, involving Israel's renowned Mossad spy agency, military intelligence, police, and other relevant entities, Gallant detailed. 

This is not the first time that Israel has seized cryptocurrency connected to terrorist financing investigations. 

Previously, the Israeli government confiscated a significant amount of cryptocurrency linked to the paramilitary arm of Hamas, which rules Gaza.

In December last year, a Tel Aviv court issued a ruling allowing Israel's government to seize all the crypto in over 150 digital wallets that it had blacklisted for allegedly funding terrorist groups.

At the time, Israeli Defense Minister Benny Gantz said that the authorities seized $33,500 from digital wallets linked to the militant group Hamas. 

However, Gallant highlighted that this recent operation is of a much larger