📰 Table Of Contents
US Crackdown on Hezbollah Crypto Funding
The US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Tawfiq Muhammad Said Al-Law, a hawala operator involved in Hezbollah crypto funding. Al-Law is accused of providing support to Hezbollah, particularly in digital wallets related to commodities sales benefiting the Quds Force.
Entities Sanctioned by Treasury
- 6 entities
- 2 individuals
- 2 tankers
Chainalysis Findings on Hezbollah Crypto Funding
According to Chainalysis, Hezbollah receives funding through cryptocurrencies. Funds are often transferred from financial facilitators to hawala services, OTC brokers, and eventually to Hezbollah-controlled addresses at mainstream exchanges.
Hezbollah’s Funding Sources
Hezbollah, founded in Lebanon in 1982, is primarily funded by Iran and has a history of opposition to Israel.
Legislation on Terrorist Cryptocurrency Funding
The US Financial Crimes Enforcement Network (FinCEN) is investigating donations totaling $165 million received by Hamas before its attack on Israel. Senator Elizabeth Warren has introduced the Digital Asset Anti-Money Laundering Act to prevent terrorist organizations from accessing cryptocurrency funding.
US Rewards for Disrupting Hezbollah’s Financial System
The US is offering a $10 million reward for information that could disrupt Hezbollah’s financial system through the Rewards for Justice Program.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
