Israel Alleges Mysterious Stablecoin Whales Are Islamist Groups

The blockchain analytics platform ChainArgos has reported a claim by the Israeli National Bureau for Counter Terror Financing alleging that military groups and political parties including Hamas, ISIS, and Hezbollah, hold billions of dollars in stablecoins. Interestingly, ChainArgos notes that neither the wallet with the highest total sum of transfers, nor any of the wallets with which it has transacted tens to hundreds of millions of dollars, appear to have been mentioned anywhere on the internet before Israel’s claim.

USD stablecoin flows into Tron accounts that the Israeli National Bureau for Counter Terror Financing (#NBCTF) has publicly claimed are controlled by #Hamas, #Hezbollah, #ISIS, or other #terrorists are significantly higher than we expected, totaling in the billion dollar range.… pic.twitter.com/PmN9CBc4w4

— ChainArgos (@ChainArgos) October 15, 2023

The top wallet is TB2iP6zPR3Z7VAAq8kRnZgsoPP6qa9kjgH, and has been particularly active in the last week, transacting with other wallets that are allegedly connected to the Lebanese Shia Islamist political party and militant group, Hezbollah. According to Israel, Tron accounts associated with Hamas, Hezbollah and ISIS are primarily transacting USDT, with USDC, TUSD, and USDD, also featuring heavily in the accounts’ transactions.

Source: ChainArgos

Earlier this year, Israel’s National Bureau for Counter Terror Financing (NBCTF) seized two Binance accounts allegedly connected to terrorist activities in an effort to “thwart the activity” of Islamic State and “impair its ability to further its goals”. Since 2021, Israel has confiscated around 190 mysterious accounts allegedly connected to the Hamas group. As per the recent report, an average of $3,900 in crypto has been transferred from Binance to the wallets allegedly owned by Hamas.

ChainArgos posed a significant question regarding the possibility of “smurfing,” pointing out the suspicious transfers from Binance that were done “in huge [sums broken up into many] very small amounts.” Another “fascinating” factor that the ChainArgos flagged was the wallet’s link with Amir Capital. The analytics platform reported that “transfers to the wallets Israeli intelligence has flagged are deeply interwoven with Amir Capital, a massive and well documented Russian ponzi”.

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