Report by Drishti Baheti
An Indian businessman from Delhi lost 4 crores from his cryptocurrency account. What makes this incident even more alarming is that the stolen funds were used to finance extremist activities, with alleged ties to Hamas, a Palestinian militant group.
What is Hamas?
Hamas is an Islamist political and militant organization. Founded in 1987, it operates primarily in the Gaza Strip and the West Bank. Designated as a terrorist group by several countries, including the U.S. and EU, Hamas advocates for Palestinian self-determination and the establishment of an independent Palestinian state, often through armed action.
What is Cryptocurrency?
Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. Unlike traditional currencies issued by governments (such as dollars, euros,rupees etc), cryptocurrencies operate on decentralized networks based on blockchain technology. This technology ensures secure, transparent, and tamper-proof transactions.
The Indian police tracked the currency and found that the cryptocurrencies were routed through many private wallets before they fell in the hand of Hamas. The security agency of India found that a number of wallets who had stolen the cryptocurrencies were a part of the cyber terrorism division of Hamas called as the Al Wassam Brigades.
A share of the cryptocurrencies was transferred to accounts of Ahmed Marzooq of Egypt and Ahmed QH Safi of Palestine. These wallets were being operated from Giza in Egypt, the officials said. Some part of the cryptocurrency was also deposited in a wallet belonging to Mohammad Naseer Ibrahim Abdulla, but his account was seized by Israel.
What happens now?
Since cryptocurrency is not governed by any law, and blockchain wallets are across countries, it is very hard for police and even governments to prevent this kind of crime. For now, the amount appears to have gone. In the recent G20 Summit, the need to have regulation for cryptocurrencies was highlighted. All countries are trying to make laws to regulate cryptocurrencies, but so far, no one knows how.