Terrorist attack on Israel was partially funded by Russian crypto exchange - WSJ
Users buy cryptocurrency from Garantex for rubles, and then it is withdrawn into fiat currencies, with transactions very difficult to trace
Terrorists financed the October 7 attack on Israel partly with cryptocurrency transferred through the large ruble crypto exchange Garantex.
Source. This was reported by The Wall Street Journal, citing information from the analytical company Elliptic.
This crypto exchange was registered in Estonia in 2019, but it is actually managed from Russia, from the Federation Tower in Moscow City. The number of its users is about 100 thousand, and it remains the most popular platform for ruble trading.
The platform has been under US Treasury sanctions since April 2022. In June, the total amount of transactions on the exchange amounted to $865 million, which is three times more than before the restrictions were imposed on it.
It is noted that users buy cryptocurrency at Garantex branches for rubles, and then it is withdrawn into fiat currencies through the organization's network of local partners, making transactions very difficult to track.
Before the terrorist attack, the Palestinian Islamic Jihad group received transactions totaling more than $93 million. According to analysts, Hamas used a similar financing scheme.
A representative of the US Treasury Department said that the US authorities are looking for ways to impose additional restrictions on those who use this platform for cross-border transfers.
Background. As reported, Durov said he would not delete the Hamas channel on Telegram. According to him, it is needed to receive important information.
If you have read this article to the end, we hope that means it was useful for you.
We work to ensure that our journalistic and analytical work is of high quality, and we strive to perform it as competently as possible. This also requires financial independence. Support us for only UAH 196 per month.
Become a Mind subscriber for just USD 5 per month and support the development of independent business journalism!
You can unsubscribe at any time in your LIQPAY account or by sending us an email: [email protected]
