updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131TRON (TRX), a blockchain-based digital platform, has surpassed Bitcoin (BTC) as the platform of choice for financial transfers by groups such as Hamas and Hezbollah, which are designated terrorist organizations by the US, UK, and other countries.
According to a Reuters report, this development has opened a new front in Israel’s battle against the funding of alleged Iranian-backed militant groups.
According to the report, a comprehensive analysis of crypto seizures announced by Israeli security services since 2021 highlights a significant increase in targeting TRON wallets and a decrease in seizures related to Bitcoin wallets.
The National Bureau for Counter Terror Financing (NBCTF) of Israel, responsible for seizure operations, froze a total of 143 TRON wallets between July 2021 and October 2023, believing them to be associated with “designated terrorist organizations” or involved in “severe terror crimes.”
Notably, 87 of these seizures occurred this year, including 39 wallets linked to Lebanon’s Hezbollah and 26 wallets associated with Palestinian Islamic Jihad, a Hamas ally.
In response to heightened scrutiny of Hamas’ financing, Israel intensified its investigation efforts. It discovered that 56 TRON wallets were connected to Hamas, with 46 traced back to a Gaza-based money exchange company called Dubai Co. For Exchange.
Following the recent Hamas attacks on Israel, the largest crypto account seizure to date was announced, freezing approximately 600 accounts associated with Dubai Co.
Per the report, several individuals whose funds were frozen in this seizure claimed to have been using TRON for legitimate business or personal financial purposes and denied any affiliation with Hamas or Islamic Jihad.
However, Israel designates Dubai Co. as a terrorist group due to its alleged aid to Hamas, particularly in transferring substantial funds on an annual basis.
When contacted by Reuters, a spokesperson for TRON, Hayward Wong, emphasized that all technologies have the potential for misuse, citing the example of US dollars being employed for money laundering.
Wong further stated that TRON lacks control over how its technology is utilized and asserted that it is not linked to the groups identified by Israel.
The report also sheds light on the dominance of the cryptocurrency Tether (USDT) within the TRON network. Tether stated that it routinely traces and freezes tokens used for illicit purposes, working in collaboration with law enforcement agencies.
According to Reuters, TRON has become the primary blockchain for Tether transactions, hosting a remarkable $48 billion worth of the tokens. Average daily transactions on Tron jumped to 9.1 million from April to June, a remarkable increase of over 70% compared to last year.
However, as reported by our sister website Bitcoinist, Tron has faced its share of controversies. The founder of Tron, Justin Sun, sued the US Securities and Exchange Commission (SEC) in March on allegations of artificially inflating trading volumes and selling unregistered Tron tokens.
It is important to note that crypto transactions related to terrorist groups have been decreasing since 2021 as seen in the chart below. Unlike traditional payment methods, Bitcoin and cryptocurrencies provide authorities with a backdoor, a transparent path that has allowed them to put a halt to illegal money flows.
The unfolding developments in this matter are yet to be fully determined, and it remains uncertain whether there will be additional lawsuits and enforcement actions against crypto companies and exchanges implicated in these allegations.
Featured image from Shutterstock, chart from TradingView.com
Oil prices rose today as Hamas and Israel continue their conflict with many injured and several dead on both sides.
Oil prices have risen following the conflict between Israel and the Palestinian militant movement Hamas as the fight extends into the third day. Global benchmark Brent hit $88.41 per barrel on Monday after rising by 4.53%. The US West Texas also recorded an increase, climbing 4.69% to $88.67 a barrel.
The conflict between both sides does not directly impact oil prices as neither is a major oil producer. According to the US Energy Information Administration (EIA), the Palestinian side does not produce any oil. On the other hand, the EIA notes that Israel had an estimated 14 million barrels in oil reserves with nearly no crude oil production. According to EIA data, Israel has two refineries and a combined capacity of 300,000 barrels per day.
Although the conflict may have some effect on oil prices, analysts do not believe there will be any permanent problems. Vanda Insights CEO Vandana Hari predicted in an email to CNBC that there might be a “knee-jerk” rise in crude prices as markets open today.
Vivek Dhar, the Commonwealth Bank’s Director of Mining and Energy Commodities Research, also believes that the conflict might not affect oil prices in the long term. According to Dhar, other market forces are more potent. He stated:
“For this conflict to have a lasting and meaningful impact on oil markets, there must be a sustained reduction in oil supply or transport. Otherwise, and as history has shown, the positive oil price reaction tends to be temporary and easily trumped by other market forces.”
According to the Managing Director for the Middle East at Facts Global Energy (FGE), Iman Nasseri, the conflict will have a limited effect on oil prices until it expands into a regional war.
On Saturday, Hamas launched a surprise attack on Israel, sending rocket attacks from the Gaza Strip into Tel Aviv. Hamas also launched sea and land attacks during the episode. According to a post from Israeli Prime Minister Benjamin Netanyahu, many civilians were either killed in their homes or abducted. In addition to consoling bereaved families, the Prime Minister promised to “destroy Hamas’s capabilities” and assured citizens of victory. However, he stated that there are challenging days ahead as the war will be “difficult” and “take time”.
As of this writing, a report from the Associated Press (AP) states that the death toll has crossed 1,100 on both sides, with at least 700 in Israel and over 400 in Gaza. However, a Sunday update from the Palestinian Ministry of Health puts its number lower at 313.
While most predictions suggest no direct impact on oil prices, there is still considerable risk. The Eurasia Group Director of Energy, Climate and Resources, Henning Gloystein, told CNBC that the risk of regional escalation is present. Gloystein believes that supply issues are imminent if Iran is somehow affected and joins the war.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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