The Wall Road Journal (WSJ) has partially corrected an article whic mischaracterized the extent to which Hamas and different militant teams have been funding its terrorism actions with cryptocurrencies.
The Oct. 10 article — titled “Hamas Militants Behind Israel Assault Raised Hundreds of thousands in Crypto” — cited blockchain forensics agency Elliptic to say Palestinian Islamic Jihad (PIJ), a terrorist group working on the Gaza Strip, raised as a lot as $93 million between August 2021 and June 2023.
Within the cited report, Elliptic mentioned Israel’s counter-terrorism unit seized PIJ-linked wallets which obtained $93 million from over that timeframe. Nonetheless, Elliptic made it clear that this in no means meant that PIJ raised these funds to finance its terrorism actions.
Analysis from blockchain forensics agency Chainalysis suggests solely $450,000 of those funds have been despatched to a recognized terrorism-affiliated pockets.
In WSJ’s correction, it said PIJ and Lebanese political social gathering Hezbollah “could have exchanged” as much as $12 million in cryptocurrency — far lower than its preliminary $93 million determine.
“Palestinian Islamic Jihad and Hezbollah could have exchanged as much as $12 million in crypto since 2021, in response to crypto-research agency Elliptic. An earlier model of this text incorrectly mentioned PIJ had despatched greater than $12 million in crypto to Hezbollah since 2021,” WSJ mentioned.
WSJ mentioned it up to date different components of the article to incorporate “further context” about Elliptic’s analysis.
WSJ’s retraction follows an Oct. 25 assertion by Elliptic which known as on WSJ to appropriate its misinterpretation of the information. Elliptic added that cryptocurrency funding by Hamas stays “tiny” relative to different funding sources.
On Oct. 27, Elliptic was “happy” to see WSJ acknowledge its errors however mentioned it might’ve favored to see WSJ be extra particular about its corrections.
We’re happy to see the Wall Road Journal subject some corrections to their article primarily based on our suggestions. Whereas we wish to have seen them go additional, we are going to proceed to have interaction constructively.
— Elliptic (@elliptic) October 27, 2023
Associated: Elizabeth Warren makes use of Hamas as her latest scapegoat in struggle on crypto
Coinbase’s chief authorized officer Paul Grewal additionally famous that WSJ’s opening paragraph continues to be framed as if cryptocurrency was the first funding supply behind Hamas’ Oct. 7 assault on Israel.
2/ @WSJ‘s lede nonetheless maintains that the funding supported Hamas assaults hinged on “One reply: cryptocurrency.” There is not any proof of that, and WSJ is aware of it. pic.twitter.com/BQK80b1jMd
— paulgrewal.eth (@iampaulgrewal) October 27, 2023
“That is barely a correction,” he added.
Nic Carter, companion of Fortress Island Ventures and others at the moment are calling on United States Senator Elizabeth Warren to retract a associated letter backed by over 100 U.S. lawmakers written to the White Home on Oct. 17.
The letter cited WSJ’s misinterpreted knowledge from Elliptic in an try to argue that cryptocurrency poses a “nationwide safety menace” to the U.S. and that Congress and the Biden administration ought to act swiftly earlier than cryptocurrencies are used to finance one other “tragedy.”
Liz Warren wyd? pic.twitter.com/e0Ew2TQzRb
— nic carter (@nic__carter) October 27, 2023
Journal: US enforcement companies are turning up the warmth on crypto-related crime
