Table of contents
In a recent update, The Wall Street Journal (WSJ) has issued a correction to an article that inaccurately portrayed the extent to which Hamas and other militant groups utilized cryptocurrencies to fund their terrorism activities. The correction comes after Elliptic, the firm from which WSJ sourced its data, pointed out the errors.
Original Article Mischaracterization
The original article, published on October 10 and titled “Hamas Militants Behind Israel Attack Raised Millions in Crypto,” relied on blockchain forensics firm Elliptic’s data to claim that Palestinian Islamic Jihad (PIJ), a terrorist organization operating in the Gaza Strip, had raised as much as $93 million between August 2021 and June 2023.
Elliptic’s Clarification
However, Elliptic clarified that this did not imply that PIJ raised these funds for financing terrorism. Further research from blockchain forensics firm Chainalysis indicated that only $450,000 of these funds were sent to a wallet associated with terrorism.
WSJ’s Correction: In its correction, WSJ now states that PIJ and Lebanese political party Hezbollah “may have exchanged” up to $12 million in cryptocurrency since 2021, a significant reduction from the initial $93 million figure. The updated article also includes additional context about Elliptic’s research.
Elliptic’s Response
Elliptic had previously called on WSJ to rectify its misinterpretation of the data in a statement on October 25, asserting that cryptocurrency funding for Hamas remains relatively small compared to other funding sources.
Critique of the Correction
On October 27, Elliptic expressed its satisfaction with WSJ’s acknowledgment of its errors but suggested that the newspaper could have been more specific in its corrections. Coinbase’s Chief Legal Officer, Paul Grewal, criticized the correction, particularly highlighting WSJ’s opening paragraph, which still suggested that cryptocurrency was the primary funding source behind Hamas‘ October 7 attack on Israel. Grewal remarked, “This is barely a correction.”
Call for Action
In response to the controversy, various individuals, including Nic Carter, a partner of Castle Island Ventures, are now urging United States Senator Elizabeth Warren to retract a related letter supported by over 100 U.S. lawmakers. This letter, written on October 17, cited WSJ’s misinterpreted data from Elliptic to argue that cryptocurrency poses a “national security threat” to the U.S. It urged Congress and the Biden administration to take swift action to prevent cryptocurrencies from being used to finance potential “tragedies.”
For the Latest Crypto News follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and LinkedIn.
Top Recommended Articles
- Read Also: Best Web3 Coins To Invest In
- Read Also: Best Low Cap Crypto To Buy Now
- Read Also: Best Crypto Utility Tokens
- Read Also: Best Crypto To Buy Right Now Reddit
- Read Also: Best Crypto Under $1
- Read Also: Best Penny Crypto Coins To Invest In
- Read Also: Best Shitcoins To Buy Right Now
- Read Also: Best Crypto Presale To Buy Now
- Read Also: Best Low Supply Cryptocurrency
- Read Also: Best DeFi Coins To Buy Now
- Read Also: Best Altcoins To Invest In Right Now
- Read Also: Best Crypto ICO To Invest In
- Read Also: Next Crypto To Explode In 2023
- Read Also: Best Cryptocurrency Coins To Buy
- Read Also: New Cryptocurrencies To Invest In
Hi, I’m Ahmed Falah. I work at the intersection of technology, finance, and human well-being, exploring how emerging digital systems can create sustainable and impactful growth across businesses and society.
As a senior author at Coinography, I write deeply researched content on blockchain ecosystems, tokenomics, decentralized finance, on-chain analysis, and the societal implications of Web3. My approach blends technical clarity with purpose-driven thinking, helping readers understand complex crypto concepts in a meaningful and accessible way.
Vision & Focus
Throughout my career, I have worked closely with hedge funds, enterprises, and high-net-worth investors, helping them navigate digital transformation and develop strategies rooted in data, transparency, and sustainable growth. I see technology not merely as a financial tool but as a foundation for creating healthier, more resilient organizations.
My writing focuses on a wide range of themes, including blockchain and decentralized financial models, token utility and ecosystem design, AI and blockchain convergence, the evolution of digital market infrastructure, purpose-driven and wellness-aligned leadership, and the future of work, finance, and organizational well-being.
I am deeply committed to building systems that empower individuals and support ethical innovation. My goal is to connect technology with human values and contribute to a future where digital ecosystems uplift people, communities, and businesses in meaningful and sustainable ways.
Professional Links
Website: https://coinography.com LinkedIn: https://ae.linkedin.com/in/ahmedfalah
Let’s Connect
If you’re interested in the future of blockchain, digital transformation, decentralized systems, or well-being-focused leadership, feel free to connect with me.
