- Cryptocurrency values declined on Monday due to escalating Middle East tensions.
- Israel Police’s Lahav 433 suspended cryptocurrency accounts linked to Hamas.
- Crypto Aid Israel initiative accepts cryptocurrency donations for conflict-affected Israelis.
Cryptocurrency values experienced a decline on Monday, mirroring a similar trend in global stock markets and escalating oil prices triggered by renewed tensions in the Middle East. The conflict between Israel and Hamas, which entered its third day on Monday, appeared to influence oil prices. Market traders speculated that if the conflict extends to nearby countries such as Iran, it could disrupt oil supplies.
According to Santiment, there is increasing conversation about the conflict among community members. So far, the conflict has not substantially impacted the cryptocurrency market. However, if the situation worsens, it could increase price volatility.
Hamas’s Crypto Accounts Face Curb
The cyber division of the Israel Police, Lahav 433, has reportedly suspended cryptocurrency accounts associated with Hamas, as per an official statement. The police spokesperson’s office revealed that Hamas has been using social media platforms to request donations since Saturday. To counteract the use of digital currencies by terrorist groups, Lahav 433 works in conjunction with the Defense Ministry, Shin Bet, and other intelligence agencies.
Lahav 433 worked with UK authorities to freeze a Barclays bank account. On Monday, representatives from the Israeli crypto and web3 sectors declared the initiation of Crypto aid Israel. This initiative aims to raise funds for Israelis forced to relocate and require urgent aid due to the onset of conflicts with Hamas.
Crypto Aid Israel has confirmed its acceptance of donations in cryptocurrencies such as bitcoin, ether and stablecoins like USDT and USDC. These donations will be received through a multi-signature wallet jointly managed by multiple parties.
Various Israeli organizations and regulatory bodies have enabled the transfer of these cryptocurrency donations. A source close to the initiative asserts that these entities will, for the first time, act as a channel for the movement of cryptocurrency assets to conventional financial institutions.
