The Crypto Aid Israel collective has raised an impressive $185,000 in less than two weeks since its inception and has already conducted two rounds of aid distribution, totaling around 200,000 shekels (equivalent to $50,000). This initiative has provided support to various humanitarian organizations in Israel.
Nongovernmental organizations such as the Foundation for Advancing Citizens of Eshkol Regional Council have used the aid to offer transportation and shelter to individuals living in proximity to Gaza. Zaka, a medical response organization, received funding for the purchase of essential medical equipment and protective gear for its frontline workers.
Lev Echad by Or Hanegev veHagalil, which typically works with at-risk youth, has received funds to provide food, hygiene products, and clothing to residents in areas close to Gaza who have chosen to remain in those areas to offer protection and support.
Latet, a humanitarian aid organization, is utilizing the funds for a large-scale operation to supply food and hygiene products to individuals in the southern region of Israel who have either chosen to stay or have been relocated.
Donations to Crypto Aid Israel can be made to a multisignature wallet via its website. The organization urges caution when donating, as there have been reports of phishing attacks targeting well-intentioned donors.
The Crypto Aid Israel initiative was spearheaded by the Israeli Web3 community, with support from various companies. Global accounting firm KPMG played a significant role in fundraising and distribution. Additionally, companies such as Zengo, Fuse, Wonderland, Psagot Equity, and others have made contributions to the effort.
It’s important to note that there has been an increased focus on preventing the misuse of cryptocurrencies for terrorist financing. For instance, Binance froze wallets allegedly linked to the militant group Hamas. The United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has sanctioned a crypto operator in Gaza with purported ties to Hamas and proposed a rule to designate cryptocurrency mixing as an area of “primary money laundering concern.” In fact, more than 100 U.S. lawmakers have recently sent a letter to the Treasury Department inquiring about the use of cryptocurrency in funding terrorism, showing the growing scrutiny in this area.
