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“The organization represents a collaborative effort between members of the Israeli Web3 community and international corporations, all dedicated to alleviating suffering in southern Israel.
The Crypto Aid Israel coalition has successfully raised over $185,000 in less than a fortnight since its inception and has already distributed aid to numerous humanitarian organizations. To date, the organization has conducted two rounds of aid distribution, providing approximately 200,000 shekels ($50,000). Among the non-governmental organizations benefiting from these efforts is the Foundation for Advancing Citizens of Eshkol Regional Council, which offers transportation and shelter to individuals living in proximity to Gaza.
Zaka has received funding to procure medical equipment and protective gear for its frontline workers. Lev Echad by Or Hanegev veHagalil, an organization typically focused on at-risk youth, has also been granted funds for the provision of food, hygiene products, and clothing to residents in areas adjacent to Gaza who have chosen to remain and offer protection and support.
Latet is utilizing the funds for an extensive operation aimed at supplying food and hygiene products to individuals in southern Israel who either remain in the region or have been relocated. Eyal Gura, an advisor specializing in crypto and new digital initiatives for Latet, expressed: ‘We believe that although modest in its beginnings, the crypto channel is a vital, rapid, and innovative means that will enable new contributors to join our global ecosystem and support Israel during this crucial period.’
Donations to Crypto Aid Israel can be made via a multisignature wallet on its website. The organization emphasizes the importance of caution when making donations due to past phishing attacks.
The initiative behind Crypto Aid Israel was spearheaded by the Israeli Web3 community, with support from various corporations. Global accounting firm KPMG played a key role in fundraising and distribution, while companies like Zengo, Fuse, Wonderland, Psagot Equity, and others have also made significant contributions.
Recent efforts have been made to prevent the misuse of cryptocurrency for terrorist financing. Binance, for example, has frozen wallets believed to be associated with the militant group Hamas. Additionally, the United States Treasury Department’s Financial Crimes Enforcement Network has imposed sanctions on a cryptocurrency operator in Gaza with alleged ties to Hamas and has proposed a rule designating cryptocurrency mixing as an area of “primary money laundering concern.” Notably, more than 100 U.S. lawmakers sent a letter to the Treasury Department inquiring about the role of cryptocurrency in financing terrorism on October 17th.”