Crypto Exchanges Received $78M USDT Linked to Hamas-Tied Firm

According to a recent blockchain forensics investigation, four major cryptocurrency exchanges and one payment processor acquired around $78 million in Tether (USDT) via indirect transactions related to a Hamas-affiliated business. Global Ledger performed the analysis, which was shared with crypto.news, and it offers insight into how digital assets are still exploited in illegal financial flows despite heightened regulatory attention.

Indirect Transactions Include Crypto Exchanges

According to the report, the TRON network received USDT transactions from Binance, OKX, Gate.io, Bybit, and Huione Pay. The top beneficiary was Binance, which received $46.9 million, followed by OKX with $17.7 million, Huione Pay with $11 million, Gate.io with $8.7 million, and Bybit with $4.6 million.

This money was reportedly tracked back to the Dubai Company for Exchange, commonly known as El-kahira for General Trading. On January 26, 2025, the Israeli National Bureau for Counter-Terror Financing (NBCTF) sanctioned this firm for allegedly giving financial assistance to Hamas, which Israel, the United States, and the European Union consider to be a terrorist organization.

“We have analyzed on-chain data and identified that the funds associated with the exchange in quotes (the one linked to Hamas) were transferred to multiple entities, with a significant portion being sent to centralized exchanges like Binance and others,” a Global Ledger representative said.

Fund Flow and US-Sanctioned Entities

The inquiry also discovered transactions with Garantex, a Russian-linked cryptocurrency exchange that was previously sanctioned by the US Treasury. According to the study, Garantex received more than $2.1 million in USDT and returned about $1.2 million.

Further investigation of the business found that it had processed over $155 million in USDT prior to the imposition of penalties by Israeli authorities. However, it is unclear if the cryptocurrency exchanges in issue froze this cash in response to the designation.

A Global Ledger spokeswoman explained, “We cannot confirm whether the money was frozen or not frozen until the Israeli authorities intervened.” Binance, OKX, Bybit, and Gate.io have yet to reply publicly to queries about these transactions.

The Role of Crypto in Illicit Financial Networks

The use of cryptocurrencies in financial crime is an increasing worry for regulators and law enforcement organizations throughout the world. This current disclosure follows claims from blockchain intelligence firm Elliptic, which identified Cambodian marketplace Huione Guarantee as a money laundering hotspot in July 2024. According to analysts, the site, which is tied to Cambodia's governing elite, has processed $70 billion in cryptocurrency transactions since 2021 and has been involved in frauds such as pig slaughtering.

Despite enhanced blockchain surveillance and forensics, criminals continue to use cryptocurrency networks for financial transactions. This recent research highlights the continuous issues authorities confront in avoiding the exploitation of digital assets while ensuring genuine use cases are not hampered.

As investigations continue, authorities may increase enforcement efforts to combat cryptocurrency-related financial crimes, particularly those involving sanctioned firms. Crypto exchanges are expected to face more scrutiny as regulatory agencies seek tougher compliance procedures to avoid the facilitation of illegal activities.