Israeli Court Orders Seizure Of 150 Banned Crypto Wallets

Due to an Israeli court’s ruling, over 150 bitcoin wallets will have their entire balances removed as a result of the verdict.

According to reports, the Tel Aviv Magistrate Court handed down a judgment that allows the Israeli government to confiscate all cryptocurrency in its more than 150 digital wallets. It was banned as it suspected that these wallets were aiding terrorist organisations. These wallets were believed to be supporting terrorist groups, which is why the ban was passed.

Local Israeli media reported on the 18th December that Benny Gantz, the Israeli Defense Minister, stated that the court order of the 15th December had allowed police to withdraw $33,500 more from digital wallets related to Hamas Islamist terrorist group. The Israeli Defense Ministry reported the information.

The only digital assets the Israeli police had legal right to collect prior to the verdict was issued by the court were those with direct links to terrorist operations. They didn’t have the power to seize additional cash that could have been in the same wallets.

The wallets were taken by the authorities in December 2021. Each one was taken from them and $750,000 each.

On July 9, 2021 Gantz issued an order allowing security personnel to seize bitcoin accounts suspected to be linked to the Hamas militant wing. Gantz’s order allowed the seizing of cryptocurrency accounts.

Israeli detectives were also able to seize 30 bitcoin wallets, and 12 exchange accounts that were tied to Hamas in February.

After the seizure, it was not possible to disclose the market value of the cryptocurrency assets stolen.

It has been demonstrated that the use cryptocurrency to finance terrorist groups is very limited. [C]ryptocurrencies, such as Bitcoin and Ethereum You play a very minor role.

Chainalysis, which specializes in blockchain analytics, came to realize that only a tiny fraction of crypto currency was being used in illicit activities.

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