Search
Search
Wall Street Journal Corrects Hamas Crypto Funding Article

Wall Street Journal Corrects Hamas Crypto Funding Article

0
0

508 Listen to this article In a recent update, The Wall Street Journal (WSJ) has issued a correction to an […]

Latest News

Listen to this article

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.

Read Also:  Crypto Exchange FTX Launched with Interest from More than 75 Companies

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.

Read Also:  FTX reportedly transferred $500 million of crypto

Top Recommended Articles

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Bitcoin ETFs Surge as Investors Seek Exposure Coinbase, Andreessen Horowitz, and Ripple have joined forces to fund a new crypto DMM Bitcoin Hit by $305M Hack Ripple Releases 1 Billion XRP Tokens What to Expect from Bitcoin’s Price Rally in H2 2024 Trump’s MAGA Coin Soars 7% While Biden Parody Sinks Amid Ex-President’s Trial — NFTs Hold Steady Analyst Warns About Dogecoin Decline CME Denies Solana Futures Plans Amid Growing Rumors Can PEPE flip Polygon? Market cap race heats up! Why Bitcoin Price Is Down Today? Cristiano Ronaldo Launches 4th NFT Collection on Binance Amid $1B Lawsuit Coinbase Alleges SEC Dodging Howey Test in New Appeal Ethereum ETFs Granted Official Approval by SEC Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase