Israel busts major Iran-linked crypto network funding militant groups

Israel's Defence Minister Yoav Gallant has announced the seizure of millions of dollars held in cryptocurrencies from a massive Iran-linked terror funding network.

The operation – the first of its kind – targeted digital wallets linked to Iran's Quds force and the Lebanon-based militant group Hezbollah, Mr Gallant said on Tuesday.

The anonymity of cryptocurrencies make them attractive to terror organisations and criminals across the globe.

Israel has targeted Gaza-based militant group Hamas in a similar manner before.

Mr Gallant said the bust sets "a [precedent] in exposing the source of terror funding via digital currencies".

The operation targeted Iranian schemes that Israel said were being used to fund terror. AFP

"We have thwarted the transfer of millions of dollars to terrorists," he added.

Mr Gallant said that the operation was a joint effort between the Ministry of Defence, Mossad, the Israeli military and the police, as well as other smaller organisations.

The bust highlights Israel's increasingly complex task of hampering Iran's sophisticated operations, which it sees as a way of destabilising the country via covert means and proxies.

"Since its establishment, Israel has faced complex security threats. Over the years, as technology advanced and developed, so did the threats", Mr Gallant said.

Israeli Defence Minister Yoav Gallant (left) with Prime Minister Benjamin Netanyahu (centre) and Cabinet Secretary Yossi Fuchs. EPA

"In addition to our fight against terror organisations and their proxies, we are now also tasked with identifying and cutting off the resources intended for terrorism,” he added.

“This is not a simple mission, and it only becomes more complex once we deal with digital currencies. Anyone who finances terrorism and/or maintains financial ties with the perpetrators of terror must know that they, too, will become targets.”

A report in May said that Israel had seized almost 200 Islamist-linked cryptocurrency accounts on the Binance exchange site since 2021.

A week prior, the military wing of Hamas said it would stop raising Bitcoin funds, citing security concerns.

How to avoid crypto fraud

Use unique usernames and passwords while enabling multi-factor authentication.
Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
Avoid suspicious social media ads promoting fraudulent schemes.
Only invest in crypto projects that you fully understand.
Critically assess whether a project’s promises or returns seem too good to be true.
Only use reputable platforms that have a track record of strong regulatory compliance.
Store funds in hardware wallets as opposed to online exchanges.

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The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

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UAE currency: the story behind the money in your pockets

Afghanistan squad

Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.

Red flags

Promises of high, fixed or 'guaranteed' returns.
Unregulated structured products or complex investments often used to bypass traditional safeguards.
Lack of clear information, vague language, no access to audited financials.
Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching