Key takeaways :
- Israeli Crypto and Web3 Communities Launch ‘Crypto Aid Israel’ for War-Affected Citizens
- The Crypto Aid Israel can collect donations in 12 cryptocurrencies from across the world.
In response to the recent outbreak of war with Hamas, crypto and web3 communities in Israel have come together to create ‘Crypto Aid Israel.’ This initiative aims to raise funds for Israeli citizens who have been displaced and are in need of humanitarian assistance.
As violence escalates and the death toll rises in the ongoing conflict between Israel and Gaza, cryptocurrency has emerged as a vital fundraising tool in the region.
A coalition of Israeli crypto leaders announced the establishment of Crypto Aid Israel on Monday. The fund will accept donations in 12 different cryptocurrencies from around the world, with the goal of providing support to Israelis affected by the weekend’s violence. Ben Samocha, CEO of CryptoJungle, expressed the organization’s mission to offer immediate assistance:
“Our objective is to secure the necessary resources for providing food and shelter to families who have lost their homes. We also aim to supply hygiene and medical essentials to the Israeli civilian population affected by the ongoing bombardment.“
Moreover, Crypto Aid Israel has established communication with multiple Israeli government agencies interested in supervising the distribution of the raised funds. Notably, various Israeli banks and regulatory bodies have joined efforts to facilitate the flow of these cryptocurrency donations.
According to reports, these banks are poised to serve as a conduit for transferring crypto assets to traditional banking channels, marking a significant development in the process.”
In the first half of 2023, Israel played a significant role in the crypto landscape, introducing additional complexity to the situation
. In June, Israel made headlines when it was claimed that Israel had taken control of approximately 40 bitcoin wallets associated with the Quds Force of the Islamic Revolutionary Guard Corps (IRGC) and the terrorist organization Hezbollah.
Israel’s Defence Minister, Yoav Gallant, described this action as “the first incident of this magnitude” carried out by Israel. This move followed a prior development in May, where Binance cryptocurrency accounts were confiscated.
These accounts were linked to three Palestinian currency exchange firms that Israel had designated as “terrorist organizations.” This series of events underscores the intersection of cryptocurrency, geopolitics, and national security in the region.”
