Crypto neighborhood accuses WSJ of exaggerating Hamas crypto funding by 99%

Crypto neighborhood members have accused The Wall Road Journal (WSJ) of publishing deceptive details about Hamas crypto-related funding.

On Oct. 10, WSJ reported that Hamas had acquired roughly $90 million in cryptocurrency to finance a shock assault towards Israel. This revelation drew vital consideration from outstanding crypto skeptics, who swiftly used this funding for instance how the business aided malicious actors.

A number of U.S. lawmakers, spearheaded by Senator Elizabeth Warren, cited the WSJ report in a letter addressed to the White Home and the Treasury Division. The lawmakers expressed issues in regards to the nationwide safety dangers posed by cryptocurrencies resulting from their potential use in terrorist financing.

Neighborhood says WSJ overreported terror funding by 99%

Sam Callahan, the lead market analyst at Swan Bitcoin, countered that “WSJ’s determine for crypto use in financing Hamas was off by over 99%,” citing a latest Chainalysis report.

In response to Callahan, the media agency had mistakenly counted a complete alternate’s buying and selling quantity for the group’s handle. He added:

“The precise funds that went to identified terrorist-linked addresses was considerably much less.”

Consequently, Callahan urged WSJ to retract the story as a result of “politicians with an agenda will doubtless proceed to make use of this faux information as proof to assault an business they’ve a private vendetta towards.”

In the meantime, crypto stakeholders, together with Nic Carter, additionally shared Callahan’s view, claiming that the journalists refused to retract their story regardless of contacting them by way of mail. He added:

“It is a journalistic failure as egregious because the NYT’s reporting on the rocket putting a hospital in gaza. indirectly answerable for lack of life, however evidencing a equally callous disregard for the reality. Boycotting the WSJ till they retract.”

Sam Lyman, the director of public coverage at Bitcoin (BTC) miner Riot Platforms, identified that the WSJ report failed to say that Hamas’ crypto fundraising program was a whole catastrophe.

He mentioned the fundraising had “uncovered [the group] key donors to prison prosecution and financed its two best enemies, the US and Israel, to the tune of hundreds of thousands of {dollars}.”

StarCrypto reported that Coinbase had argued that blockchain know-how could possibly be used to combat terrorism funding, including that terror funding nonetheless depends on the standard monetary system, not crypto.

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