Major Crypto Exchanges Linked to $80 Million in Tether Transactions From Hamas-Linked Exchange
A recent investigation by blockchain forensic firm Global Ledger has revealed that major cryptocurrency exchanges have collectively received approximately $80 million in Tether’s stablecoin, USDT, through indirect transactions associated with a company sanctioned by Israeli authorities for alleged ties to Hamas. This report was shared with crypto.news and highlights the ongoing scrutiny surrounding cryptocurrency’s potential use in facilitating illicit activities.
Details of the Investigation
According to the findings from Global Ledger, four prominent cryptocurrency exchanges, including Binance and Gate.io, received a total of around $78 million in Tether (USDT) from the Dubai Company for Exchange, also referred to as El-kahira for General Trading. In late January of this year, Israel’s National Bureau for Counter Terror Financing (NBCTF) issued an order to seize crypto wallets and accounts associated with the company, claiming it provided substantial assistance to Hamas, an organization classified as terrorist by various nations.
A spokesperson for Global Ledger stated, “We have analyzed on-chain data and identified that the funds associated with the exchange linked to Hamas were transferred to multiple entities, with a significant portion being sent to centralized exchanges like Binance and others."
Breakdown of Transactions
The investigation revealed that the transactions occurred between January 1, 2024, and February 13, 2025. Binance received the largest portion, totaling approximately $46.9 million in USDT. Other exchanges that received substantial amounts include OKX, which saw $17.7 million, Huione Pay with $11 million, and Gate.io with about $8.7 million. Bybit also received around $4.6 million in USDT during this period.
Global Ledger’s report further highlights the involvement of Garantex, a Russian-linked exchange that is currently sanctioned by the U.S. Treasury. The analysis indicates that over $2.1 million in USDT was sent to Garantex from the Dubai Company for Exchange, while roughly $1.2 million was transferred back.
Regulatory Context and Response
Notably, Global Ledger emphasized that the entity under review processed more than 155 million USDT before the sanctions imposed by the NBCTF took effect. As of the time of publication, there has been no clarity on whether the implicated exchanges have frozen the funds. A representative from Global Ledger mentioned they could not confirm the status of the funds until Israeli authorities intervened.
Crypto.news reached out to several exchanges, including Binance, OKX, Bybit, and Gate.io, for comments regarding the findings. However, no responses were received at the time of publication. The article will be updated with any comments from these exchanges as they become available.
Broader Implications
This investigation into Tether transactions is part of a larger trend of increasing scrutiny on cryptocurrency exchanges regarding their potential involvement in money laundering and terrorist financing. Concerns have been raised about platforms that may unwittingly facilitate such activities, especially in regions where regulatory frameworks are still evolving.
In a related development, analysts from another blockchain intelligence firm, Elliptic, disclosed earlier this year that the Cambodian marketplace Huione Guarantee, which has connections to the Cambodian ruling family, is emerging as a hub for merchants engaged in money laundering services. The firm’s research suggests that Huione Guarantee has handled $70 billion in crypto transactions since 2021, raising alarms about its role in facilitating scams, including the notorious "pig butchering" scheme.
As the regulatory landscape surrounding cryptocurrency continues to evolve, these revelations will likely prompt further scrutiny and potential action from authorities worldwide. The ongoing investigations highlight the importance of transparency, compliance, and due diligence in the rapidly growing digital asset market.
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