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Wall Avenue Journal Bias Fueled Anti-Bitcoin Sentiment In The US | The Global Today

The Wall Avenue Journal (WSJ), a outstanding American newspaper with a long-standing historical past courting again to 1889, lately printed an article that ignited widespread controversy. The Wall Avenue Journal bias in that report fueled anti-Bitcoin sentiment in the US.

The Wall Avenue Journal Bias

On October 10, the WSJ claimed in an article that Hamas, an alleged terrorist group, and different comparable teams secured vital funding through blockchain-based rails.

The report, titled “Hamas Militants Behind Israel Assault Raised Thousands and thousands in Crypto,” alleged that the Palestinian Islamic Jihad (PIJ), a militant group that operates within the Gaza Strip, raised near $93 million between August 2021 and June 2023 from its supporters in digital property.

The WSJ cited blockchain evaluation supplier Elliptic as its supply whereas stating that authorities in Israel seized PIJ-linked wallets, which acquired $93 million over the above-mentioned time-frame. Then again, the article additionally claimed that Hamas is utilizing digital property to additional its terrorist agenda.

Consequently, the WSJ’s article fueled anti-digital-asset sentiment in the US. Senator Elizabeth Warren, together with 28 different senators and 76 members of the Home of Representatives, signed a letter regarding the position of digital property in terrorism.

Notably, the letter was addressed to Below Secretary of the Treasury for Terrorism and Monetary Intelligence Brian Nelson and Nationwide Safety Advisor Jake Sullivan, urging them to “swiftly and categorically act to meaningfully curtail illicit crypto exercise.” It reads:

“The lethal assault by Hamas on Israeli civilians comes because the group has grow to be ‘some of the subtle crypto customers within the terror-finance area’, [it] clarifies the nationwide safety menace crypto poses to the U.S. and our allies.”

WSJ is Making Digital Belongings ‘Look Unhealthy’: Elliptic

Apparently, Elliptic printed a report on October 25 that supplied a helpful perception into this matter. The agency said that the WSJ and US lawmakers had been attempting to make digital property “look unhealthy” by manipulating information.

Elliptic said that “there isn’t a proof to help the assertion that Hamas has acquired vital volumes of crypto donations.” It additionally added that the precise quantities raised through blockchain-based rails “stay tiny.”

Furthermore, the report clarified that in 2021, Israel’s Nationwide Bureau for Counter Terror Financing (NBCTF) issued seizure orders for digital asset wallets linked to Hamas.

On October 20, the Monetary Crimes Enforcement Community (FinCEN) said that it will introduce strict insurance policies on bitcoin mixers, citing cash laundering and terrorist financing considerations.

In an instance, Elliptic confirmed {that a} “outstanding” Hamas digital asset fundraising marketing campaign, which is operated by Gaza Now, a pro-Hamas information outlet, had solely raised $21,000 for the reason that Hamas assault on Israel on October 7. Out of the $21,000, $9,000 was frozen by Tether, and $2,000 was frozen by a buying and selling platform throughout a cash-out try.

After the article from Elliptic cleared the air, the WSJ partially corrected the article, stating:

“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.”

Paul Grewal, the Chief Authorized Officer at Coinbase, the biggest digital asset buying and selling platform in the US, mentioned in an X post that the WSJ article’s opening paragraph nonetheless framed digital property as a number one funding supply behind Hamas’ assault on Israel.

In stark distinction to the controversial allegations surrounding crypto’s involvement with organizations like Hamas, using digital property for humanitarian functions in Israel has been on the rise. One notable instance is Crypto Aid Israel, an initiative that had garnered greater than $185,000 in digital asset donations by October 19, aiming to help these affected by the continued assaults.

In conclusion, the WSJ’s inaccurate article has fueled anti-crypto sentiment within the U.S. and prompted legislative and regulatory actions. Regardless of subsequent corrections and clarifications, it might have lasting repercussions, shaping public opinion on the digital asset business.

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