US Treasury probes $165 million crypto transactions possibly tied to Hamas: WSJ

The U.S. Treasury Department is investigating $165 million worth of crypto transactions registered on U.S. institutions that might have supported Hamas prior to its Oct. 7 attack against Israel, according to the Wall Street Journal.

The WSJ reported , citing a report to Congress, that the Treasury’s Financial Crimes Enforcement Network has probed suspicious activity reports from the past three years potentially used in transactions involved with the militant group. The exact amount of crypto used by Hamas is not definite, according to the report.

FinCEN said in the letter that the militant group’s use of crypto might be exaggerated, as only a portion of reported transactions from financial institutions might be involved with Hamas. 

U.S. lawmakers have been discussing crypto’s role in terrorist financing in an effort to sanction the Palestinian militant group. The group of lawmakers led by House leaders previously requested President Joe Biden for more data on Hamas’s use of crypto.