The Crypto Aid Israel collective has raised more than $185,000 since its creation less than two weeks ago and has distributed aid to several humanitarian groups.
The organization has carried out two rounds of aid distribution so far, handing out around $50,000 (NIS 200,000). Non-governmental organizations benefiting from their efforts include the Eshkol Regional Council Foundation for the Advancement of Citizens, which has provided transportation and shelter to people living near Gaza.
Zaka has received funds to purchase medical equipment and protective equipment for its frontline workers.
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Lev Echad of Or Hanegev veHagalil, who typically works with at-risk youth, has received funds for food, hygiene products and clothing for residents of areas adjacent to Gaza who chose to remain there to provide protection and support.
Latet is using funds for a large-scale operation to provide food and hygiene products to people in southern Israel who remain there or have been relocated. Eyal Gura, cryptocurrency and new digital initiatives advisor at Latet, said:
"We believe that, while initially modest, the crypto channel is important, fast and innovative and will allow new contributors to join our global ecosystem and support Israel at such an important time."
Donations to Crypto Aid Israel can be made to a multi-sig wallet through their website. The organization warns people to be careful when donating, as phishing attacks have occurred.
Second round!
Our Finance Committee has decided on the next allocation of NIS 100,000 (~$25,000):
โโ๏ธ40k NIS - Eshkol Foundation
โ๏ธ40k NIS- @LevEchad
โ๏ธ20k NIS- HiddenWatch and share this video to show how #CryptoAidIsrael is helping the brave people of the south rebuild their lives. pic.twitter.com/2SOlPTB7DW
- CriptoAidIsrael (@CryptoAidIsrael) October 16, 2023
The Crypto Aid Israel Initiative was run by the Israeli Web3 community, with companies that also provide support. Global accounting firm KPMG assisted with fundraising and distribution. Zengo, Fuse, Wonderland, Psagot Equity and other companies have also contributed to the effort.
There has been a renewed push to ensure that cryptocurrencies are not used for terrorist purposes. binance have frozen wallets linked to Hamas. United States Department of the Treasury Financial Crimes Enforcement Network has sanctioned a crypto operator in Gaza with links to Hamas and has proposed a standard to designate Cryptocurrency mixing is an area of โโโmajor money laundering concern.โ More than 100 US legislators sent a letter to the Treasury Department asking about the use of cryptocurrencies to finance terrorism on October 17.
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