The US Department of the Treasury, along with its Office of Foreign Assets Control (OFAC), announced sanctions against the Palestinian news network Gaza Now on March 27. The sanctions were imposed based on allegations of the network’s support for Hamas. In addition to Gaza Now, the Treasury also designated several crypto addresses associated with the news network and its related parties.
Among the crypto addresses designated by the Treasury were an empty Bitcoin address and two Ethereum addresses holding more than $2,690 worth of ETH and other tokens. Additionally, the Treasury designated five USDT addresses, with a total of more than $10,350, although only two of those addresses were found to contain funds. Notably, one of the sanctioned USDT addresses was linked to Gaza Now founder Mustafa Ayash.
Sanctioned Entities and Director
Apart from Gaza Now, the Treasury also sanctioned Qureshi Executives, Aakhirah Limited, and their director, Aozma Sultana. However, no crypto addresses related to Sultana or the mentioned companies were specifically designated by the Treasury. The sanctions were imposed due to allegations that Gaza Now supported Hamas’ fundraising activities in the wake of the October 7, 2023 attacks against Israel.
Brian E. Nelson, the Under Secretary of the Treasury for Terrorism and Financial Intelligence, emphasized the department’s commitment to disrupting Hamas’ financial resources. The sanctions against Gaza Now and its affiliates were part of a coordinated effort with the UK, which had implemented a full asset freeze against the sanctioned parties. As a result, individuals and entities in both countries are prohibited from engaging in business transactions with the designated entities, and any assets linked to them are subject to restrictions.
Role of Al-Qureshi Executives and Aakhirah Limited
According to the Treasury, Al-Qureshi Executives and Aakhirah Limited provided financial support to Gaza Now and contributed to its advertising efforts. The collaborative actions of these entities allegedly facilitated Hamas’ fundraising activities through Gaza Now. The sanctions imposed aim to disrupt the flow of funds that could be used to finance terrorist activities.
Blockchain Analysis and Previous Findings
In a related development, blockchain analytics firm Elliptic had previously reported in October 2023 that Gaza Now had received $21,000 in cryptocurrency following the attacks. This included $2,000 held by exchanges and $9,000 worth of USDT frozen by Tether. The findings indicate a history of financial transactions involving Gaza Now and its potential connections to illicit activities, prompting the recent sanctions by the US Treasury.
The US Department of the Treasury’s sanctions against Gaza Now and its associated entities underscore the government’s efforts to combat terrorist financing and disrupt the flow of funds to groups like Hamas. By targeting specific crypto addresses and entities, the Treasury aims to prevent the misuse of digital assets for illicit purposes and safeguard the integrity of the financial system.
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