The US Department of Justice seized $2 million in cryptocurrency from Hamas terrorists. How did it happen
US authorities uncovered the infrastructure of BuyCash, a company that provided financial support to Middle Eastern terrorist organizations
30.07.2025
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US authorities confiscated $2 million in cryptocurrency from the Palestinian company BuyCash, which provided financial services and was closely linked to the terrorist movement Hamas. GetBlock AML Research reveals details of an operation in which specialists managed to uncover a secret financial network of terrorists.
Background
BuyCash has been operating since 2014 and has positioned itself as a payment network. The company also provided cryptocurrency services and acted as a crypto exchange in the Middle East. BuyCash has repeatedly been mentioned in various investigations into the activities of terrorist organizations.
In 2021, Israel’s National Bureau for Counter Terror Financing (NBCTF) seized several crypto wallets that belonged to Hamas. These addresses were closely linked to the BuyCash infrastructure. In addition, Al-Qaeda and ISIS also used BuyCash’s services.
In 2023, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on BuyCash and its founder, Ahmed M. M. Alaqad. Restrictions were also imposed on intermediaries who oversaw BuyCash’s interactions with terrorist organizations.
BuyCash wallets subject to US sanctions
On-chain analysis
During the investigation into BuyCash’s activities, approximately 150 wallets were identified that were used by Hamas to collect funds. The terrorist group began actively collecting donations in cryptocurrency using the BuyCash infrastructure as early as 2021. The terrorists published wallet addresses for fundraising on Telegram. The cryptocurrency then passed through intermediate addresses and reached Hamas wallets.
Connection between BuyCash wallets and Hamas addresses
Withdrawal to fiat
The final destinations of the transfers were addresses of various crypto exchanges and exchangers for the purpose of withdrawing funds to fiat currencies. All funds that terrorists received as a result of donations were methodically transferred to centralized exchanges for withdrawal to fiat through intermediate addresses.
Connection between BuyCash wallets and the Binance address
A number of BuyCash wallets were seized by US authorities. Now, the US Department of Justice has filed a civil lawsuit to seize the assets stored at these addresses ($2 million) in favor of the US government.
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