Crypto Aid Israel Raises $185,000, Strengthening Humanitarian Aid Amid Cybersecurity Challenges
Summary:
Since its inception less than two weeks ago, Crypto Aid Israel, a collective charity, has raised over $185,000 and distributed aid to numerous humanitarian organizations. On receiving donations, the collective has carried out two rounds of aid distribution, focusing on NGOs providing healthcare, shelter, and essential supplies across conflict-torn areas including near Gaza. Backed by the Israeli Web3 community and several companies including KPMG, Crypto Aid Israel is also facing cybersecurity challenges like phishing risks while accepting donations. Amidst this, there is an increasing effort to prevent the use of cryptocurrencies for terrorism, with sanctions from the US Treasury Department and scrutiny from U.S lawmakers.
In less than a fortnight, Crypto Aid Israel, a collective charity, has amassed more than $185,000, allocating aid to various humanitarian bodies. The group has completed two rounds of aid allocation, amounting to roughly $50,000 or 200,000 NIS. The Foundation for Advancing Citizens of Eshkol Regional Council, an NGO, is amongst those benefitting from their work, providing transport and shelter for those living near Gaza. Funds have been received by Zaka for the procurement of medical supplies and protective attire for their front-line workers. Another beneficiary is Lev Echad by Or Hanegev veHagalil, who routinely assists at-risk youth and has received funds for essentials such as food, personal care items, and clothing for locals living in the Gaza-adjacent areas who have chosen to stay and offer assistance. Latet is employing funds for a major operation to supply food and personal hygiene products to southern Israel residents who have stayed or been relocated. Crypto Aid Israel accepts donations via a multisignature wallet on its website, simultaneously warning donors of potential phishing risks.
Crypto Aid Israel, strongly supported by the Israeli Web3 network, has also garnered backing from businesses. Contributions have flowed in from KPMG, a global accountancy firm that has aided in fundraising and distribution, and organizations like Zengo, Fuse, Wonderland, Psagot Equity, to name a few. Amidst this backdrop, there is a resurgent effort ensuring that cryptocurrencies are not utilized for terroristic activities. As part of this, Binance has blocked wallets associated with Hamas, and a Hamas-connected crypto operator in Gaza is facing sanctions from the US Treasury Department's Financial Crimes Enforcement Network. The same agency has suggested classifying cryptocurrency mixing as a "primary money laundering concern". Over 100 US lawmakers have prompted the Treasury Department to investigate the link between cryptocurrency and terrorism funding, as of October 17.
Published At
10/19/2023 8:12:11 PM
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