In early October, Israeli law enforcement authorities blocked several crypto wallets associated with the Hamas group.
Intelligence agencies suspect that radical Islamists are soliciting donations through digital currencies.
The Ministry of Defense, the Police Cyber Unit, and the Israeli Security Agency collaborated in the operation to shut down these addresses.
Blockchain company Elliptic suggests that the use of cryptocurrencies by terrorist groups is often exaggerated.
Their analysts believe that extremist communities and organizations tend to rely on fiat money for funding.
Similarly, Chainalysis agrees that terrorists prefer to use cash rather than cryptocurrencies. It is more convenient for them to exchange and store physical currency than digital assets.
