The U.S. Treasury Department is investigating $165 million in crypto transactions involving U.S. institutions that may have supported Hamas before its October 7 attack on Israel.
The investigation, reported by the Wall Street Journal and detailed in a report to Congress, focuses on suspicious activity reports over the past three years linked to transactions possibly connected to the militant group.
However, the exact amount of crypto used by Hamas remains uncertain. FinCEN, in a letter to Congress, suggested that Hamas’s use of cryptocurrency might be overstated, with only a portion of reported transactions potentially tied to the group.
Lawmakers are deliberating on crypto’s role in terrorist financing, seeking to sanction Hamas. Previously, House leaders requested President Joe Biden for more information on Hamas’s crypto use.
Also Read: Brian Nelson Admits Overhyped Hamas’ Crypto Ties
