Members of Israel’s Web3 community have launched Crypto Aid Israel, a fundraiser in support of those affected by the conflict with Hamas. The goal is to attract cryptocurrency donations to relieve the humanitarian situation of thousands of Israelis displaced by the surprise attack of Palestinian militants from Gaza.
Web3 Firms Unite in Crypto Aid Israel Initiative Amid War With Hamas
A group of companies from the Web3 space, including the Israeli Blockchain Association, announced they have come together to launch Crypto Aid Israel. The fund will raise donations in digital assets for Israeli citizens suffering from what their government calls a war with Hamas.
On Oct. 7, the militant Palestinian movement, designated as a terrorist organization by a number of nations, launched a large-scale invasion by land, air and sea of Israeli territories in the south from the Gaza Strip which it controls. On Tuesday, the death toll in Israel reached 900, with hundreds of thousands of people forced to leave their homes on both sides.
Crypto Aid Israel, which was launched on Monday, just two days after the start of the unexpected Hamas offensive, seeks to channel crypto funds to Israelis who need humanitarian assistance. It’s backed by platforms like Cryptojungle, Collider Ventures, 42studio, and Marketacross among others. The team explained:
Due to the ongoing war in Israel, a collective of local leaders in the crypto space have joined together to establish Crypto Aid Israel. Our goal is to raise desperately needed funds for displaced citizens whose unbearable situation demands humanitarian aid.
Donations are accepted in over a dozen cryptocurrencies and stablecoins, including bitcoin (BTC), ethereum (ETH), tether (USDT), and USD Coin (USDC). A multi-signature wallet will be used for the coins and they will be stored and managed by crypto custody firm Fireblocks, reportedly with the help of Israeli banks. More than $50,000 has been collected already:
— GuyNFT (@GuyImprov) October 10, 2023
Meanwhile, the local press reported that Israeli law enforcement has been working with the Defense Ministry and intelligence agencies to freeze cryptocurrency accounts of Hamas. The effort is led by the cyber branch of the Israel Police’s Lahav 433 unit, also known as the “Israeli FBI.”
According to the Times of Israel online newspaper, crypto exchange is cooperating with Israel to identify and shut down the accounts used by the Palestinian group to raise funds. Lahav 433 was also working with the U.K. police to freeze a bank account at Barclays.
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