On the 10th of October, in the aftermath of the assaults on Israeli citizens by Hamas, an article titled “Hamas Militants Behind Israel Attack Raised Millions in Crypto” was penned by Angus Berwick and Ian Talley for the Wall Street Journal (WSJ). This was followed by another piece, “Why Hamas Uses Crypto to Raise Money”, and an opinion piece by Sen. Elizabeth Warren called “Cryptocurrency Feeds Hamas’s Terrorism”. Subsequently, Sen. Warren, backed by over 100 congressional members, sent a letter to the White House and Treasury, citing the WSJ’s assertion that since 2021, Hamas and its affiliates had amassed “over $130m in crypto” to finance their activities. This claim has become the cornerstone of Sen. Warren’s vigorous campaign to significantly curtail the crypto industry in the US. However, subsequent evidence has cast doubt on the validity of her entire argument. Despite this, the WSJ has yet to amend or retract their article. Tweet Link.

Methodology :

• I gathered all 25 Tron addresses mentioned in nbctf.mod.gov.il
• I retrieved the raw transfer transactions from Bitquery for the aforementioned 25 addresses.
• I only filtered the transactions related to receiving Tether and ignored the rest of the tokens.

The left-hand table displays the addresses reported by nbctf.mod.gov.il. This dashboard exclusively relies on these 25 addresses for all the analyses presented.

During April 2022, there was a notable surge in the volume of Tethers deposited into these reported wallets, culminating in the highest point during the second week of June 2022. This pattern of increased deposits remained robust until approximately five months later, specifically the third week of April 2023, after which it started to decline.

The volume of transfers reached its zenith in March 2022, subsequently showing a declining trend. Remarkably, Tether deposits continued into these wallets until July 2023.

Additionally, the count of unique wallets that have made deposits into the 25 reported Tether wallets peaked at 485 by the close of May 2022. However, it has since been on a gradual decline.

The left-side chart illustrates the sender distribution according to the Tether amounts deposited into the 25 reported wallets.

As the graph indicates, over 60% of the wallets have deposited less than $100 into these reported wallets. Notably, 108 wallets have made deposits exceeding $100,000. It's plausible that some of these wallets are associated with centralized exchanges like Binance.

The chart above displays the 25 reported wallets categorized by the amount of Tether they've received. Notably, 12 out of these 25 wallets have received in excess of $1 million, with the TVzsknku8cubpukTmUVn5Ro747Bgw3GS63 wallet standing out as the highest recipient, amassing an impressive $33 million in Tether.

Conversely, 5 wallets have received modest sums, totaling less than $1,000. This stark contrast between the wallets receiving over $1 million and these 5 wallets raises legitimate concerns about the authenticity and accuracy of the information regarding the latter group in this report.