The Wall Avenue 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 Tens of millions 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. Nevertheless, Elliptic made it clear that this in no approach 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 acknowledged PIJ and Lebanese political get together Hezbollah “might have exchanged” as much as $12 million in cryptocurrency — far lower than its preliminary $93 million determine.
“Palestinian Islamic Jihad and Hezbollah might have exchanged as much as $12 million in crypto since 2021, in line with 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 elements 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 will’ve appreciated to see WSJ be extra particular about its corrections.
We’re happy to see the Wall Avenue Journal situation some corrections to their article based mostly on our suggestions. Whereas we wish to have seen them go additional, we’ll proceed to interact constructively.
— Elliptic (@elliptic) October 27, 2023
Coinbase’s chief authorized officer Paul Grewal additionally famous that WSJ’s opening paragraph remains to be framed as if cryptocurrency was the first funding supply behind Hamas’ Oct. 7 assault on Israel.
— paulgrewal.eth (@iampaulgrewal) October 27, 2023
“That is barely a correction,” he added.
Nic Carter, companion of Fort Island Ventures and others are actually 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