Crypto analytics firm Elliptic said in an Oct. 25 blog post that, contrary to mainstream reports, terrorist groups have not received significant crypto donations.

On Oct. 10, The Wall Street Journal reported that Hamas, Palestinian Islamic Jihad, and Hezbollah raised hundreds of millions of dollars in crypto between August 2021 and June 2023, in part based on data from Elliptic. Senator Elizabeth Warren and other lawmakers later cited that report in a call for action, reporting $130 million raised in total.

Elliptic has gone on record to state that this figure is highly overstated, writing:

“…There is no evidence to suggest that crypto fundraising has raised anything close to [$130 million], and data provided by Elliptic and others has been misinterpreted.”

Elsewhere in the same piece, it stated:

“The data simply does not support this. No public crypto fundraising campaign by a terrorist group has received significant levels of donations, relative to other funding sources.”

Elliptic explained the error by stating that, in one cas

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Author: Mike Dalton

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