July 21, 2024
Crypto Emerges as a Lifeline in Israel-Gaza Conflict, Fueling Fundraising Efforts
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Crypto Emerges as a Lifeline in Israel-Gaza Conflict, Fueling Fundraising Efforts

Cryptocurrency has become a preferred method of fundraising in the area as the number of fatalities in the fast-increasing conflict between Israel and Gaza that began on Saturday rises and violence increases.

A group of Israeli cryptocurrency professionals announced on Monday the launch of Crypto Aid Israel, a fund that would amass donations in 12 different cryptocurrencies from around the globe. The executives of the sector intend to provide money to Israelis affected or uprooted by the violence over the weekend.

On Saturday, in a surprise onslaught, hundreds of Palestinian fighters affiliated with the Islamist organization Hamas, which rules Gaza, pushed over the barriers separating the region from southern Israel and tried to occupy numerous communities. According to the Israeli authorities, at least 150 Israelis were held prisoner by the extremists, and about 800 Israelis were slain.

To help families that evacuated southern Israel for Tel Aviv, Israel’s largest city, without taking essentials like food and clothing, the team driving Crypto Aid Israel says it would donate cryptocurrency contributions it earns to Israeli NGOs. The charity organization, which is made up of executives from Israeli cryptocurrency firms including 42Studio, MarketAcross, Collider Ventures, and CryptoJungle, also claims to have spoken with many Israeli government departments interested in being in charge of the group’s fund-raising efforts.

One of the initiative’s organizers, Kim Bazak, explained that the motivation for focusing on cryptocurrency donations is to reach out to and increase awareness within the worldwide Web3 community in particular.

Since Israel started to attack the region with hundreds of airstrikes on Sunday, cryptocurrency has also become a well-liked method for fundraising in Gaza. Israel’s defence minister demanded on Monday that Gaza be placed under a “complete siege” that would cut off all fuel, food, water, and power to the coastal region, which is home to about 600,000 people.

Since the fighting started, many Arab organizations have posted their crypto wallet addresses on social media to gather money for the Gazans. These charities have so far raised several thousand dollars worth of cryptocurrency. Israel’s bombardment campaign has so far resulted in at least 687 Palestinian deaths and more than 3,726 injuries, according to the Gaza Ministry of Health.

Given the infrastructural damage already done to Gaza, it is still unclear how quickly that digital money can be turned into actual relief. According to a report in The New York Times, the majority of the internet in the region was destroyed on Monday by an Israeli attack on the Palestine Telecommunications Company.

The recipients of that cash, should they ever be distributed, have also come into question. The United States and other states have formally branded the Hamas movement, which rules Gaza, as a terrorist group. Several people with knowledge of the situation claim that the Israeli government is collaborating with Chainalysis, an on-chain analytics company, to check requested crypto addresses for possible links to Hamas and maybe ask cryptocurrency exchanges like Binance to freeze them.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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