Israeli Court Orders Seizure of 150 Banned Crypto Wallets

Due to a ruling reached by a court in Israel, more than 150 bitcoin wallets that have been found to have potential links to financing terrorist groups will likely see all their balances wiped as a result of this verdict.

The Tel Aviv Magistrate Court has reportedly handed down a ruling granting the Israeli government permission to seize all cryptocurrencies stored in the more than 150 digital wallets it has banned due to suspicions that they are helping. terrorist organizations The reasoning behind the ban is that the government believes that these wallets provide support to terrorist organizations.

On December 18, local Israeli media reported that Israeli Defense Minister Benny Gantz stated that the December 15 court order has already allowed police to take an additional $33,500 from digital wallets that are related to the Islamist terrorist organization Hamas. . This information was reported by the Israeli Defense Minister.

Before the court verdict, the only digital assets that the Israeli police had a legal right to collect were those with direct links to terror operations. They did not have the authority to seize more cash that might have been contained in the same wallets.

Authorities seized the wallets in December 2021 and withdrew $750,000 from each at that time.

Gantz issued an order on July 9, 2021 allowing security personnel to seize bitcoin accounts suspected of having ties to the militant wing of the Hamas group. Gantz’s order authorized the seizure of cryptocurrency accounts.

Additionally, Israeli detectives managed to seize 30 bitcoin wallets and 12 Hamas-linked exchange accounts in the month of February.

After the seizure, the true market value of the cryptocurrency assets that were stolen was not disclosed to the public.

The use of cryptocurrencies in the financing process of terrorist groups has been shown to be quite low. [C]cryptocurrencies like Bitcoin and Ethereal play a very small role.

In early 2022, the company that specializes in blockchain analysis known as Chainalysis realized that only a minuscule portion of the crypto currency was being used for illicit activities.

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