The war between Israel and Hamas led to a significant number of Israeli citizens being displaced with an urgent need for humanitarian aid, and the crypto and Web3 ecosystem quickly united to help, as Israel-based crypto and Web3 communities have established Crypto Aid Israel.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
What is Crypto Aid Israel?
Crypto Aid Israel is a joint effort to raise funds for Israeli citizens victimized by terrorist attacks. Launched by Fireblocks, MarketAcross, Collider Ventures, CryptoJungle, and the Israeli Blockchain Association, the global fundraiser uses the borderless nature of cryptocurrencies for instant delivery of funds to where they’re most needed.
The organization is hosting a multi-signature wallet to collect donations. People can donate from anywhere in the world using major cryptocurrencies, Bitcoin (BTC-USD) and Ethereum (ETH-USD), as well as the USD-pegged stablecoins USDT (USTD-USD) and USDC (USDC-USD). The multi-signature wallet will require at least four out of seven signatories to move donated funds out of the wallet.
Digital asset infrastructure provider Fireblocks will oversee the management of donated crypto assets. Reports also highlight that Israeli banks and regulators will assist with the flow of crypto donations made through Crypto Aid Israel.
Explaining where the donations will be used, CryptoJungle CEO Ben Samocha said that the organization aims to use the funds to provide food and shelter for families who lost their homes, adding, “We are also hoping to provide hygiene and medical products for the bombarded Israeli civilian populace and to raise awareness for the horrors the Israeli people are facing right now.”
Israeli law enforcement also revealed that the cyber branch of Israel Police’s Lahav 433 has shut down crypto accounts that were used by Hamas to raise money on social media. The Times of Israel reported that the unit is working with the Ministry of Defense of Israel, the Israel Security Agency ‘Shin Bet,’ and other intelligence agencies, as well as global crypto exchange Binance (BNB-USD), to suspend cryptocurrency channels that promote the financing of terrorism.
Crypto and Web3 Communities are Here to Help
Crypto and Web3 communities are known for providing instant aid to geographies struck by war and disasters. Following a devastating earthquake that hit Turkey and Syrian borders in February 2023, both local and global aid organizations used blockchain technology to help victims of the earthquake —collecting over $12 million in a few weeks.
During its war with Russia, Ukraine also used cryptocurrencies as a donation method to raise well over $200 million in crypto donations.
To learn more, visit www.cryptoaidisrael.com
