Israeli Officials: 70% Spike in Donations Made to Hamas-Related Charities Since Oct 7

cryptonews.com:

There has been an increase in donations to charities linked to Hamas following the resistance group’s attack on Israel on October 7.

According to Israeli officials, the surge in donations is estimated to be around 70%, CNBC  reported on Tuesday . 

The report noted that the exact amount of money cannot be independently confirmed. 

Stopping the flow of funds to Hamas is challenging due to the dispersed nature of the charity groups involved and their ability to change names and structures frequently.

The report said that foreign funds have reached Hamas through three main channels, including direct support from Iran, the informal Islamic banking system known as Hawala, and cryptocurrency. 

Iran has reportedly provided Hamas with an annual cash infusion of $70 million to $100 million for military purposes. 

Additionally, Hamas has diverted foreign aid intended for the citizens of Gaza to construct an extensive network of tunnels and bunkers.

The Hawala system, based on trust rather than traditional banking, facilitates the movement of money without reliance on Western-style financial institutions. 

While some funds channeled through Hawala are intended for humanitarian needs in Gaza, Israel claims that a significant portion is diverted for military purposes by Hamas.

Cryptocurrency has also emerged as a major source of funding for Hamas, with both charitable contributions and direct contributions being made. 

Tron, a cryptocurrency company, has been accused of evading Israeli requests to cut off accounts and has been linked to operating in Iran.

Binance, in particular, has been credited for complying with requests. 

However, the recent $4.3 billion settlement between Binance and U.S. authorities highlights